FY2024 EPS Estimates for 8×8, Inc. Reduced by Analyst (NASDAQ:EGHT)

8×8, Inc. (NASDAQ:EGHT) – Equities researchers at B. Riley decreased their FY2024 earnings estimates for 8X8 in a report released on Wednesday, May 1st. B. Riley analyst J. Nichols now expects that the company will post earnings per share of ($0.08) for the year, down from their previous forecast of ($0.07). The consensus estimate for 8X8’s current full-year earnings is ($0.06) per share. B. Riley also issued estimates for 8X8’s Q4 2024 earnings at ($0.05) EPS.

A number of other equities analysts have also recently weighed in on EGHT. Morgan Stanley decreased their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Needham & Company LLC restated a “buy” rating and set a $5.00 price objective on shares of 8X8 in a research note on Thursday, February 1st. Finally, Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.68.

8X8 Price Performance

EGHT opened at $2.23 on Friday. 8X8 has a twelve month low of $2.12 and a twelve month high of $4.88. The firm has a market cap of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. The company has a fifty day simple moving average of $2.57 and a 200 day simple moving average of $2.93.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently added to or reduced their stakes in the business. Sylebra Capital LLC bought a new position in shares of 8X8 in the 3rd quarter worth about $36,261,000. Impax Asset Management Group plc lifted its holdings in 8X8 by 34.2% in the third quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock worth $8,392,000 after acquiring an additional 848,201 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in 8X8 by 210.4% in the third quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock worth $7,524,000 after acquiring an additional 2,024,020 shares during the last quarter. Kent Lake Capital LLC acquired a new position in 8X8 in the fourth quarter valued at approximately $10,395,000. Finally, Invenomic Capital Management LP grew its holdings in shares of 8X8 by 91.1% during the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock valued at $7,854,000 after purchasing an additional 990,352 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Insider Buying and Selling

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total transaction of $36,548.40. Following the sale, the chief executive officer now owns 1,022,288 shares in the company, valued at $2,719,286.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 32,289 shares of company stock worth $81,979. Corporate insiders own 1.08% of the company’s stock.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.