Some of the best buys on the market are flying way under the radar.

You don't see many headlines about cloud-based communications veteran 8x8 (EGHT -0.73%) or warning systems expert Everbridge (EVBG -0.02%), for example. Yet both companies are leaders in their respective fields, and their stocks have recently gone through some dramatic swings. I'm talking about two high-quality companies whose shares recently reached all-time highs -- but they are also on fire sale because of the marketwide retreat from growth stocks in 2022.

As a result, I think 8x8 and Everbridge are great buys right now. Let me show you why.

Share prices are going down

I'm not kidding about the fire sale. In the past six months, the S&P 500 (^GSPC -0.18%) market index showed a 0.5% return and the tech-heavy Nasdaq Composite (^IXIC -0.51%) index fell 8%. Here's how Everbridge and 8x8 performed over the same period:

EGHT Chart

EGHT data by YCharts

Market makers had their reasons for these price drops, of course.

Everbridge is looking for a new CEO since former leader David Meredith signed out in December. The stock plunged on that announcement. This was not a disagreement or a forced resignation, but a career move. Meredith is now CEO of privately held cloud computing specialist Boomi, where his proven ability to scale up software-as-a-service businesses can be applied to a new opportunity. Meanwhile, his legacy lives on at Everbridge, which is seen as a fantastic buyout target at this bargain-bin valuation.

For 8x8, the downtrend started with the fourth-quarter 2021 earnings report in May of last year. The company beat Wall Street's expectations, but the surprise wasn't large enough to impress 8x8's shareholders. Share prices have been sliding downward ever since, even though 8x8 has delivered positive earnings and revenue surprises in every quarterly report.

Sales are soaring

So the bears have their nits to pick, but the bulls have a far stronger argument. Tell me, do the revenue trends in this chart make you think that the two companies are in trouble?

EGHT Revenue (TTM) Chart

EGHT Revenue (TTM) data by YCharts

That's certainly not what I see. Both 8x8 and Everbridge are enjoying extraordinary revenue growth, despite the market's misgivings.

Activist shareholders may soon force Everbridge into a buyout and telecom equipment giant LM Ericsson (ERIC -1.54%) is in the process of acquiring 8x8 peer Vonage Holdings (VG). Further consolidation in the cloud communications space could bring suitors to 8x8's doorstep, too.

And if the potential buyout opportunities don't play out, 8x8 and Everbridge have plenty of current and future growth to explore on their own. Again, their sales are skyrocketing and both companies are in the habit of exceeding analyst expectations in each earnings report.

So you may not see these names in the media spotlight too often, despite their long operating histories and proven success stories. Don't let that stop you from taking a closer look, because 8x8 and Everbridge look like no-brainer buys right now.