8X8 (NASDAQ:EGHT) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

8X8 (NASDAQ:EGHT) released its earnings results on Tuesday. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03, Zacks reports. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%.

8X8 Trading Up 4.4 %

NASDAQ:EGHT traded up $0.12 during midday trading on Tuesday, hitting $2.84. 1,033,677 shares of the company traded hands, compared to its average volume of 845,640. The firm has a market capitalization of $371.07 million, a P/E ratio of -5.16, a P/E/G ratio of 24.05 and a beta of 1.66. The firm’s fifty day moving average is $2.82 and its 200-day moving average is $2.44. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.41. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

Analysts Set New Price Targets

Several analysts have commented on EGHT shares. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. StockNews.com upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. B. Riley reaffirmed a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Barclays increased their target price on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.84.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.