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

Five9 (NASDAQ:FIVN) had its price objective reduced by Canaccord Genuity Group from $90.00 to $75.00 in a report issued on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the software maker’s stock.

FIVN has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Five9 from $100.00 to $90.00 and set an overweight rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC reaffirmed a buy rating and set a $90.00 price objective on shares of Five9 in a report on Thursday, February 22nd. Morgan Stanley cut their price objective on shares of Five9 from $80.00 to $70.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Royal Bank of Canada started coverage on shares of Five9 in a report on Friday, March 15th. They set an outperform rating and a $80.00 price objective on the stock. Finally, Barclays cut their price objective on shares of Five9 from $105.00 to $95.00 and set an overweight rating on the stock in a report on Thursday, February 22nd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $86.13.

Five9 Stock Performance

NASDAQ FIVN opened at $60.28 on Monday. The company has a fifty day simple moving average of $61.58 and a 200 day simple moving average of $68.72. Five9 has a 12-month low of $51.01 and a 12-month high of $92.40. The company has a current ratio of 5.53, a quick ratio of 5.53 and a debt-to-equity ratio of 1.38. The company has a market cap of $4.45 billion, a P/E ratio of -53.35 and a beta of 0.83.

Five9 (NASDAQ:FIVN) last posted its quarterly earnings results 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. Five9 had a negative net margin of 8.98% and a negative return on equity of 12.51%. The business had revenue of $239.06 million during the quarter, compared to the consensus estimate of $237.64 million. Sell-side analysts predict that Five9 will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at Five9

In other news, COO Andy Dignan sold 7,340 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $57.28, for a total value of $420,435.20. Following the sale, the chief operating officer now directly owns 129,559 shares of the company’s stock, valued at $7,421,139.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FIVN. Oak Thistle LLC bought a new position in shares of Five9 in the third quarter worth approximately $803,000. BW Gestao de Investimentos Ltda. bought a new position in shares of Five9 in the third quarter worth approximately $3,215,000. Verdence Capital Advisors LLC increased its position in shares of Five9 by 12.5% in the third quarter. Verdence Capital Advisors LLC now owns 5,329 shares of the software maker’s stock worth $343,000 after purchasing an additional 591 shares during the last quarter. TD Asset Management Inc increased its position in shares of Five9 by 2.4% in the third quarter. TD Asset Management Inc now owns 51,604 shares of the software maker’s stock worth $3,318,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Five9 by 8.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 352,904 shares of the software maker’s stock worth $22,692,000 after purchasing an additional 27,329 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors.

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.