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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.