Bank of America Corp. Downgrades Five9 Inc. (FIVN) to Underperform
Five9 Inc. (NASDAQ:FIVN) was downgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday.
FIVN has been the subject of a number of other reports. Barclays PLC cut their target price on Five9 from $11.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, June 1st. Craig Hallum started coverage on Five9 in a research note on Thursday, June 9th. They set a “buy” rating and a $16.00 target price for the company. Finally, Needham & Company LLC increased their target price on Five9 from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. Five9 has a consensus rating of “Buy” and a consensus price target of $13.44.
Five9 (NASDAQ:FIVN) opened at 14.46 on Tuesday. Five9 has a 12 month low of $3.48 and a 12 month high of $16.23. The company’s 50-day moving average price is $14.26 and its 200-day moving average price is $11.27. The stock’s market cap is $759.93 million.
Five9 (NASDAQ:FIVN) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The business earned $38.90 million during the quarter, compared to the consensus estimate of $36.86 million. Five9 had a negative return on equity of 65.04% and a negative net margin of 12.36%. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.10) EPS. Equities analysts forecast that Five9 will post ($0.14) earnings per share for the current year.
In other Five9 news, CFO Barry Zwarenstein sold 8,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $11.82, for a total transaction of $94,560.00. Following the sale, the chief financial officer now owns 422,508 shares in the company, valued at approximately $4,994,044.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel P. Burkland sold 2,626 shares of the stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $15.75, for a total value of $41,359.50. Following the sale, the insider now owns 121,893 shares in the company, valued at approximately $1,919,814.75. The disclosure for this sale can be found here. Company insiders own 40.20% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC boosted its stake in shares of Five9 by 211.2% in the second quarter. Lord Abbett & CO. LLC now owns 2,048,284 shares of the company’s stock worth $24,375,000 after buying an additional 1,390,071 shares during the period. Allianz Asset Management AG boosted its stake in shares of Five9 by 300.1% in the second quarter. Allianz Asset Management AG now owns 1,576,487 shares of the company’s stock worth $18,760,000 after buying an additional 1,182,481 shares during the period. Vanguard Group Inc. boosted its stake in shares of Five9 by 24.6% in the second quarter. Vanguard Group Inc. now owns 1,325,197 shares of the company’s stock worth $15,769,000 after buying an additional 261,298 shares during the period. Polar Capital LLP bought a new stake in shares of Five9 during the second quarter worth approximately $14,496,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Five9 by 246.5% in the second quarter. JPMorgan Chase & Co. now owns 983,339 shares of the company’s stock worth $11,702,000 after buying an additional 699,539 shares during the period. Hedge funds and other institutional investors own 83.84% of the company’s stock.
Five9 Inc (Five9) is a provider of cloud software for contact centers. The Company’s purpose-built Virtual Contact Center (VCC) cloud platform delivers a suite of applications that enable the breadth of contact center-related customer service, sales and marketing functions. It facilitates over three billion interactions between its 2,000 clients and clients’ customers per year.
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