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    Home»Investments»Earnings Estimates Moving Higher for 8×8 (EGHT): Time to Buy?
    Investments

    Earnings Estimates Moving Higher for 8×8 (EGHT): Time to Buy?

    ZacksBy ZacksMay 26, 2023Updated:May 26, 20233 Mins Read
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    8×8 (EGHT) could be a solid addition to your portfolio given a notable revision in the company’s earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.

    The upward trend in estimate revisions for this telecommunications services company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool — the Zacks Rank — has this insight at its core.

    The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.

    For 8×8, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.

    The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:

    12 Month EPS

    Current-Quarter Estimate Revisions

    The earnings estimate of $0.14 per share for the current quarter represents a change of +55.56% from the number reported a year ago.

    The Zacks Consensus Estimate for 8×8 has increased 79.17% over the last 30 days, as one estimate has gone higher compared to no negative revisions.

    Current-Year Estimate Revisions

    For the full year, the company is expected to earn $0.54 per share, representing a year-over-year change of +63.64%.

    There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, three estimates have moved up for 8×8 versus no negative revisions. This has pushed the consensus estimate 85.39% higher.

    Favorable Zacks Rank

    Thanks to promising estimate revisions, 8×8 currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

    Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.

    Bottom Line

    8×8 shares have added 24.1% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.

    5 Stocks Set to Double

    Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.

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    Today, See These 5 Potential Home Runs >>

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    8×8 Inc (EGHT) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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