5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

04. Five9, Inc. (NASDAQ:FIVN)

Price Reaction after the Upgrade: +1.60 (+2.47%)

On September 21, Five9, Inc. (NASDAQ:FIVN), a notable player in the cloud contact center software industry, received a significant upgrade from Deutsche Bank Aktiengesellschaft. The target price has been raised from $75.00 to $80.00 per share, and the rating has shifted from “Hold” to “Buy.” This upgrade has positively impacted Five9, Inc. (NASDAQ:FIVN) stock price, which has surged by 2.5% to reach $66.29 per share. The transition from a “Hold” to a “Buy” rating signals a more optimistic outlook on the company’s performance. Deutsche Bank Aktiengesellschaft’s upgrade suggests that they believe Five9, Inc. (NASDAQ:FIVN) is well-positioned for growth or presents an attractive investment opportunity.

ClearBridge SMID Cap Growth Strategy made the following comment about Five9, Inc. (NASDAQ:FIVN) in its Q2 2023 investor letter:

“Stock selection in the IT sector was the leading detractor from relative performance during the second quarter. Customer reticence to commit to incremental seats/contract duration or new products during the macro slowdown is understandable and predictably weighed on companies across the sector but was particularly detrimental to software providers such as Five9, Inc. (NASDAQ:FIVN), which provides cloud-based software for call centers as well as Wix.com, which operates a cloud-based platform for website creation and applications. While we made the decision to exit Five9 during the quarter over concerns surrounding the possible headwind posed by AI development and integration, we continue to have high conviction in our IT companies.”