NEW YORK ( TheStreet) -- 8x8 (Nasdaq: EGHT) hit a new 52-week high Friday as it is currently trading at $5.19, above its previous 52-week high of $5.18 with 1.2 million shares traded as of 3:31 p.m. ET. Average volume has been 1.2 million shares over the past 30 days.

8x8 has a market cap of $301.9 million and is part of the technology sector and telecommunications industry. Shares are up 117.6% year to date as of the close of trading on Thursday.

8x8, Inc. develops and markets telecommunications services for Internet protocol (IP), telephony, and video applications, as well as provides Web-based conferencing and unified communications services. The company has a P/E ratio of 48.6, equal to the average telecommunications industry P/E ratio and above the S&P 500 P/E ratio of 17.7.
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TheStreet Ratings rates 8x8 as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full 8x8 Ratings Report.

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