8X8 Inc. (EGHT) — 8×8 is a telecommunications company that develops services for Internet protocol (IP), telephony and video applications. It also offers Web-based conferencing and cloud-based computing services.
We first recommended EGHT on Nov. 17, 2011, at $3.83, as well as in “Top 6 Stocks to Buy for March” at $6.37 for a trade to $8 “as a key cloud holding.” On May 22, the company announced full fiscal-year 2013 earnings of 20 cents per share, up 42% from last year, and total revenues of $107.6 million — the first time 8×8 has exceeded $100 million in annual revenues.
On June 10, I suggested that the stock should be bought under $8 with a target of $10. However, the recent breakout is so bullish, I have increased my target to $12. EGHT closed Friday trading at $8.53; purchases made be made through $9.