Do You Believe Five9 (FIVN) Has a Long Runway for Growth?

Wasatch Global Investors, an asset management company, released its “Wasatch U.S. Select Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the benchmark Russell 3000 Growth Index which rose 2.32%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch U.S. Select Strategy highlighted stocks like Five9, Inc. (NASDAQ:FIVN) in its Q4 2022 investor letter. Headquartered in San Ramon, California, Five9, Inc. (NASDAQ:FIVN) is a cloud software provider. On March 29, 2023, Five9, Inc. (NASDAQ:FIVN) stock closed at $65.05 per share. One-month return of Five9, Inc. (NASDAQ:FIVN) was -1.44%, and its shares lost 41.08% of their value over the last 52 weeks. Five9, Inc. (NASDAQ:FIVN) has a market capitalization of $4.628 billion.

Wasatch U.S. Select Strategy made the following comment about Five9, Inc. (NASDAQ:FIVN) in its Q4 2022 investor letter:

Five9, Inc. (NASDAQ:FIVN) was another detractor. The stock was down after the company announced that the CEO had resigned to lead a new company. While we appreciated the outgoing CEO’s leadership, we believe there’s still a lot to like about the company. Five9 offers cloud-based software for contact centers, including customer-relationship-management integrations that include real-time (and historical) reporting, recording and quality monitoring. We believe there’s a long runway of growth for the company, as the contact center becomes the key point of customer engagement in a “remote” world, and as companies seek to move their contact-center records and operations to the cloud. We believe the CEO taking the reins, who is Five9’s chairman and former CEO, can help the company continue to carry out its strategic growth initiatives.”

Five9, Inc. (NASDAQ:FIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Five9, Inc. (NASDAQ:FIVN) at the end of the fourth quarter which was 49 in the previous quarter.

We discussed Five9, Inc. (NASDAQ:FIVN) in another article and shared Brown Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.