Set Your Sights Higher for 8×8 Inc.

by Sam Collins | July 8, 2013 2:15 am

8X8 Inc. (EGHT[1]) — 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[2], at $3.83, as well as in “Top 6 Stocks to Buy for March”[3] 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[4]. 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.

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Chart Key[5]

  1. EGHT:
  2. Nov. 17, 2011:
  3. “Top 6 Stocks to Buy for March”:
  4. should be bought under $8 with a target of $10:
  5. [Image]:

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