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Under $10 Cloud Stock Looks Set to Soar

8x8 Inc. formed a bull channel following its breakout in late May


8×8 Inc. (EGHT) — This telecommunications company develops services for Internet protocol (IP), telephony and video applications. It also offers web-based conferencing and cloud-based computing services. 

I first recommended EGHT on Nov. 17, 2011, at $3.85, and several times since as a key cloud holding with a target of $8. Earnings and revenue increases that exceeded analysts’ expectations followed, and on June 10, I suggested that the stock be bought under $8 with a target of $10. The target was revised to $12 on Aug. 5

The bull channel formed following the breakout in late May provides added technical support. On July 31, and again on Aug. 21, the company was granted new patents related to its conferencing technologies.

My buy under of $9.50 is reiterated, and the trading target remains at $12.

EGHT Chart
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Chart Key

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