Canaccord Genuity Group Cuts Five9 (NASDAQ:FIVN) Price Target to $75.00

Five9 (NASDAQ:FIVN) had its price objective decreased by research analysts at Canaccord Genuity Group from $90.00 to $75.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 24.71% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Piper Sandler boosted their price target on shares of Five9 from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, January 12th. Barclays cut their price target on shares of Five9 from $105.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company cut their price target on shares of Five9 from $100.00 to $90.00 and set an “overweight” rating on the stock in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on shares of Five9 in a research note on Thursday, February 22nd. Finally, Morgan Stanley cut their price target on shares of Five9 from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $86.13.

Five9 Stock Up 3.2 %

Shares of FIVN opened at $60.14 on Monday. The firm has a market cap of $4.44 billion, a P/E ratio of -53.22 and a beta of 0.83. Five9 has a 12-month low of $51.01 and a 12-month high of $92.40. The company’s 50-day moving average price is $61.90 and its 200 day moving average price is $68.78. The company has a current ratio of 5.53, a quick ratio of 5.53 and a debt-to-equity ratio of 1.38.

Five9 (NASDAQ:FIVN) last issued its quarterly earnings data on Wednesday, February 21st. The software maker reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.14. The firm had revenue of $239.06 million for the quarter, compared to analyst estimates of $237.64 million. Five9 had a negative net margin of 8.98% and a negative return on equity of 12.51%. On average, sell-side analysts forecast that Five9 will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Andy Dignan sold 7,340 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $57.28, for a total transaction of $420,435.20. Following the sale, the chief operating officer now directly owns 129,559 shares in the company, valued at $7,421,139.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Five9

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIVN. Sylebra Capital LLC acquired a new position in Five9 in the third quarter valued at approximately $129,467,000. Norges Bank acquired a new position in Five9 in the fourth quarter valued at approximately $79,035,000. Assenagon Asset Management S.A. boosted its holdings in Five9 by 84.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 837,856 shares of the software maker’s stock valued at $65,931,000 after purchasing an additional 383,002 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in Five9 by 123.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 648,441 shares of the software maker’s stock valued at $51,026,000 after purchasing an additional 358,887 shares in the last quarter. Finally, UBS Group AG boosted its holdings in Five9 by 162.6% in the third quarter. UBS Group AG now owns 533,914 shares of the software maker’s stock valued at $34,331,000 after purchasing an additional 330,567 shares in the last quarter. 96.64% of the stock is owned by institutional investors and hedge funds.

About Five9

Five9, Inc, together with its subsidiaries, provides intelligent cloud software for contact centers in the United States and internationally. It offers a virtual contact center cloud platform that delivers a suite of applications, which enables the breadth of contact center-related customer service, sales, and marketing functions.