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What: Shares of cloud-based communications specialist 8x8 (NYSE:EGHT) rose 14.4% in June 2016, according to data from S&P Global Market Intelligence. Investors can now look back at a market-beating 26% return in 2016 so far, and a 65% surge over the last 52 weeks.

So what: 8x8 headed into June on a good head of steam, having reported strong fourth-quarter results in late May. A handful of analysts took their time analyzing that report, issuing their buy ratings in June instead.

Now what: The digital communications space looks like a strong market in general. 8x8 is a relative minnow in a very large pond, enjoying a very long runway of swift growth. Sales have tripled over the last five years, and 8x8 produces a stable stream of positive free cash flows. With trailing revenue of just $209 million and a mere $16.6 million in free cash production, there is plenty of room for further rapid growth.

Next up, 8x8 will report first-quarter results on July 22. The company has not missed Wall Street's consensus targets since the third quarter of 2014. 8x8 does not offer detailed quarter-by-quarter guidance, but hopes to grow both revenue and adjusted earnings by 20% in the just-started fiscal year of 2017.