Software stock Five9 Inc (NASDAQ:FIVN) is up 03.3% to trade at $30.29 today, set to finishing four out of the last five sessions higher, including a 6.1% pop on Oct. 10.
Tom Yeung here, with this week's Sunday Digest. Last week, I wrote how smaller companies tend to outperform when the U.S. Federal Reserve cuts rates.
Yesterday, Piper Sandler maintained its Overweight rating on Five9 (NASDAQ: FIVN) but slashed the price target to $35 from $47, signaling concerns over the company's ability to execute amidst economic challenges. This new target implies a modest 22% upside from Five9's current price, a sharp drop from prior expectations.
Editor's note: This story has been updated to correct price action at the time of publication.
Five9, Inc. cut its FY 2024 top-line guidance by -3.8%, which implies that its revenue growth is expected to moderate from +16.9% in 2023 to +11.5% in 2024. But Five9 revised its 2024 EPS guidance upwards by +4.6% considering its cost control plans, and its Total Addressable Market might expand significantly if more clients adopt its Intelligent Virtual Agent solution. I have lowered my rating for FIVN stock to a Hold, considering the company's mixed prospects and the stock's fair valuations.
Five9, Inc. FIVN shares are trading lower today. Several analysts lowered the price target on the stock following an annual guidance cut due to recent booking trends and economic uncertainty.
Five9, Inc. (NASDAQ:FIVN ) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Mike Burkland - CEO and Chairman Dan Burkland - President Barry Zwarenstein - Chief Financial Officer Conference Call Participants Ryan MacWilliams - Barclays Scott Berg - Needham Matt VanVliet - BTIG Arjun Bhatia - William Blair Jim Fish - Piper Sandler Siti Panigrahi - Mizuho Terry Tillman - Truist Securities DJ Hynes - Canaccord Taylor McGinnis - UBS Peter Levine - Evercore Meta Marshall - Morgan Stanley Samad Samana - Jefferies Michael Funk - Bank of America Catharine Trebnick - Rosenblatt Operator Thank you for joining us today. On the call are Mike Burkland, Chairman and CEO, Dan Burkland, President, and Barry Zwarenstein, CFO.
Five9 (FIVN) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.52 per share a year ago.
Bank of America Securities analyst Michael J. Funk upgraded Five9 Inc FIVN from Underperform to Buy and a price target of $63.
The contact center company isn't a victim to the artificial intelligence revolution. Rather, it may be poised to be a disruptor in the space.
Five9 (FIVN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Let's face it – the main reason why you're considering tech stocks that are poised to benefit from groundbreaking developments is high growth potential. Sure, you can always buy large-capitalization enterprises.