Set Your Sights Higher for 8×8 Inc.

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

Set Your Sights Higher for 8×8 Inc.

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.

EGHTbreakout 300x185 Set Your Sights Higher for 8x8 Inc.
Click to Enlarge

chart key 300x84 Set Your Sights Higher for 8x8 Inc.[5]

Endnotes:
  1. EGHT: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGHT
  2. Nov. 17, 2011: http://investorplace.com/2011/11/trade-of-the-day-8x8-inc-nasdaq-eght/
  3. “Top 6 Stocks to Buy for March”: http://investorplace.com/2013/02/top-stocks-to-buy-eght-aig-cimt-cpts-len-wprt/view-all/
  4. should be bought under $8 with a target of $10: http://investorplace.com/2013/06/trade-of-the-day-8x8-eght/
  5. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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