Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Ultra Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark index, the Russell 2000 Growth Index, in the third quarter. News of continuous interest rate hikes from the federal reserve negatively impacted growth companies’ stocks, and those in which the firm invested dragged the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like Five9, Inc. (NASDAQ:FIVN) in its Q3 2022 investor letter. Headquartered in San Ramon, California, Five9, Inc. (NASDAQ:FIVN) is a cloud software provider. On December 9, 2022, Five9, Inc. (NASDAQ:FIVN) stock closed at $65.90 per share. One-month return of Five9, Inc. (NASDAQ:FIVN) was 7.07%, and its shares lost 49.13% of their value over the last 52 weeks. Five9, Inc. (NASDAQ:FIVN) has a market capitalization of $4.646 billion.
Wasatch Global Investors made the following comment about Five9, Inc. (NASDAQ:FIVN) in its Q3 2022 investor letter:
“Five9, Inc. (NASDAQ:FIVN) was another detractor. The firm offers cloud-based software for contact centers, including customer-relationship-management integrations that include real-time (and historical) reporting, recording and quality monitoring. Five9’s stock was part of a broader selloff among growth stocks in September, but nothing has fundamentally changed for the business. We believe there’s a long runway of growth for the company, as the contact center is strategically more important in a “remote” world as the key point of customer engagement. Software-as-a-service (SaaS) products such as those offered by Five9 have become increasingly important as customers require more agility to deploy incremental functionality and support.”
Five9, Inc. (NASDAQ:FIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Five9, Inc. (NASDAQ:FIVN) at the end of the third quarter, which was 51 in the previous quarter.
We discussed Five9, Inc. (NASDAQ:FIVN) in another article and shared the best cloud computing stocks to buy heading into 2023. In addition, please check out our hedge fund investor letters Q3 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.
