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8×8 Inc. (EGHT) Will Continue To Grow In 2023.

In the latest trading session, 0.8 million 8×8 Inc. (NASDAQ:EGHT) shares changed hands as the company’s beta touched 1.32. With the company’s most recent per share price at $2.53 changed hands at -$0.1 or -3.99% at last look, the market valuation stands at $301.76M. EGHT’s current price is a discount, trading about -156.52% off its 52-week high of $6.49. The share price had its 52-week low at $2.48, which suggests the last value was 1.98% up since then. When we look at 8×8 Inc.’s average trading volume, we note the 10-day average is 5.64 million shares, with the 3-month average coming to 2.25 million.

Analysts gave the 8×8 Inc. (EGHT) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.70. If we narrow down to specifics, the data shows that 1 out of 13 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 8 recommended EGHT as a Hold, 4 felt it is a Buy and 0 rated the stock as Underweight. 8×8 Inc.’s EPS for the current quarter is expected to be $0.08.

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8×8 Inc. (NASDAQ:EGHT) trade information

Instantly EGHT was in red as seen in intraday trades today. With action -1.37%, the performance over the past five days has been red. The drop to weekly highs of 2.80 on Friday, 09/15/23 subtracted -3.99% to the stock’s daily price. The company’s shares are showing year-to-date downside of -41.55%, with the 5-day performance at -1.37% in the red. However, in the 30-day time frame, 8×8 Inc. (NASDAQ:EGHT) is -26.38% down. Looking at the short shares, we see there were 17.22 million shares sold at short interest cover period of 8.82 days.

The consensus price target for the stock as assigned by Wall Street analysts is $4.85, meaning bulls need an upside of 47.84% from its recent market value. According to analyst projections, EGHT’s forecast low is $3.00 with $7.00 as the target high. To hit the forecast high, the stock’s price needs a -176.68% plunge from its current level, while the stock would need to soar -18.58% for it to hit the projected low.

8×8 Inc. (EGHT) estimates and forecasts

Data shows that the 8×8 Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -40.17% over the past 6 months, a 30.30% in annual growth rate that is considerably higher than the industry average of 22.00%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for 8×8 Inc. will rise 60.00%, while the growth in revenue is estimated to hit 57.10% for the next quarter. Year-over-year growth is forecast to reach -0.70% down from the last financial year.

Consensus estimates given by 12 financial analysts project the company’s revenue in the current quarter to hit an average of $183.67 million. 12 analysts are of the opinion that 8×8 Inc.’s revenue for the quarter ending Dec 2023 will be $184.67 million. The company’s revenue for the corresponding quarters a year ago was $187.39 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -2.00%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 11.10%. The 2023 estimates are for 8×8 Inc. earnings to increase by 59.20%.

EGHT Dividends

8×8 Inc. is expected to release its next quarterly earnings report in October.

8×8 Inc. (NASDAQ:EGHT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 3.21% of 8×8 Inc. shares while 106.20% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 109.72%. There are 106.20% institutions holding the 8×8 Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 18.98% of the shares, roughly 21.2 million EGHT shares worth $89.68 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 13.12% or 14.66 million shares worth $62.0 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Smallcap ETF and Vanguard Explorer Fund, Inc. With 8.0 million shares estimated at $25.99 million under it, the former controlled 7.16% of total outstanding shares. On the other hand, Vanguard Explorer Fund, Inc. held about 5.36% of the shares, roughly 5.99 million shares worth around $17.18 million.

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