At an investor meeting on Thursday, analysts from Piper Sandler engaged with the management of Five9 (NASDAQ:FIVN), a company renowned for its cloud contact center solutions, and declared it as one of the top picks within the firm. Following this endorsement, Five9 shares experienced a surge, increasing by over 5% in Thursday’s trading session.
Indeed, the analysts, led by James Fish, said they were impressed with the company’s artificial intelligence (AI) abilities. The insights shared during the meeting reinforced the firm’s optimistic outlook for Five9 in 2024.
Fish highlighted Five9’s significant upmarket potential, noting that its technological and channel partnerships are key drivers of business growth. He also projected the possibility of Five9 attaining Fedramp certification within the coming years.
Moreover, Fish observed that Five9 operates in a relatively advantageous competitive landscape, as the market for contact-center-as-a-service is not densely populated. He concluded that Five9’s focus on growth over margins is the right move for long-term stakeholders.
What is the Target Price for FIVN Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on FIVN stock based on four Buys and three Holds assigned in the past three months, as indicated by the graphic below. After a 26% increase in its share price over the past year, the average FIVN price target of $78.14 per share implies 10.06% upside potential.
