8x8 (EGHT) Stock Jumping on Q4 Beat, 2017 Guidance
NEW YORK (TheStreet) -- Shares of 8x8 (EGHT) - Get Report are climbing 7.5% to $12.62 on heavy trading volume mid-afternoon on Friday after the company posted better-than-expected results for the 2016 fiscal fourth quarter.
After yesterday's market close, the San Jose, CA-based communications technology company reported earnings of 3 cents per diluted share, beating analysts' estimates by a penny.
Revenue rose 32% to $57.3 million year-over-year and was above analysts' expectations of $54.41 million.
For fiscal 2017, 8x8 forecasts revenue between $249 million and $253 million, above analysts' expectations of $245.3 million.
Barclays raised its price target on the stock to $13 from $12 and maintained its "overweight" rating earlier today.
"8x8's steady execution and ongoing "up-market" progress continues to illustrate its ability to transition towards a clear share gainer in the unified communications arena globally," the firm wrote in a note.
About 1.56 million of the company's shares were traded so far today vs. its average volume of 455,896 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: EGHT
