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Yesterday, Piper Sandler maintained its Overweight rating on Five9 but slashed the price target to $35 from $47, signaling concerns over the company’s ability to execute amidst economic challenges.
This new target implies a modest 22% upside from Five9’s current price, a sharp drop from prior expectations.
The adjustment follows a series of setbacks for the cloud-based contact center provider, including reduced revenue guidance, workforce layoffs, and competitive pressures.
Five9 has struggled with weaker booking trends, further compounded by a 60% year-to-date stock decline, according to Piper Sandler analysts led by James Fish.
Other firms are also not optimistic
Piper Sandler isn’t alone in re-evaluating Five9’s potential.
Earlier in August, Baird downgraded the stock to Neutral and significantly reduced its price target to $40 from $90.
Similarly, Needham lowered its target to $48 from $90, citing concerns over growth visibility and increasing competition from industry giants like Microsoft, Amazon, and Google.
The downgrade came after Five9’s second-quarter earnings report, where despite beating expectations with revenue of $252 million, the company slashed its full-year revenue guidance to $1.015 billion, down from a prior $1.055 billion.
Layoffs & acqusition
Recent developments for Five9 reflect a mixed bag of strategic decisions. The company recently announced layoffs impacting 7% of its workforce, as part of its efforts to drive shareholder value.
This move is expected to incur restructuring costs of up to $15 million but should deliver cost savings in the upcoming quarters.
Five9’s management has also hinted at potential strategic alternatives, including further activist involvement, a possible merger, or even a strategic takeout by larger players like Cisco or Salesforce.
Analysts at Piper Sandler see these alternatives as potential catalysts, but with no immediate timeline for action.
Along with its Q2 results announcement, Five9 also announced its planned acquisition of Acqueon, a real-time revenue execution platform.
This acquisition is expected to enhance Five9’s AI-powered CX platform and provide deeper integration into customer engagement strategies across marketing, sales, and service touchpoints.
The deal, set to close in the second half of 2024, aligns with Five9’s long-term goal of becoming a leading orchestration engine in the customer journey.
However, the market response to this acquisition was lukewarm, with shares dropping over 12% after the announcement, reflecting broader concerns over Five9’s immediate growth trajectory.
Lower guidance dissapoints
Five9’s second-quarter earnings report highlighted a 13.1% year-over-year revenue growth, beating expectations, but the company’s lowered guidance for the rest of 2024 was a disappointment.
The firm’s adjusted EBITDA for Q2 came in at $41.8 million, with a margin of 16.6%, down slightly from 18.6% in the prior year.
While Five9 managed to surpass $1 billion in annual revenue run rate, the firm faces pressure to improve profitability amid shrinking margins and rising competition.
Investors are now focused on whether the company’s cost-saving initiatives and AI-driven solutions can offset these headwinds.
Five9’s operating cash flow for Q2 was $19.9 million, compared to $21.9 million a year ago.
Despite these lower figures, the firm continues to push investments in its AI Genius Suite, positioning itself to capitalize on the ongoing shift toward automation in customer service.
Five9’s 21% growth in long-term enterprise subscription revenue reflects its potential in the upmarket segment, but questions remain about its ability to maintain this pace in a tightening economy.
Valuation
The company’s valuation also reflects this uncertainty. Five9 currently trades at 12.5 times its expected earnings for the next twelve months, which according to analysts is reasonable when compared to its anticipated earnings growth of 10.7% for FY2024.
The stock’s price-to-earnings (P/E) ratio aligns with its earnings outlook, but the company’s 11.5% revenue growth forecast for this year lags behind its historical average, leading some analysts to remain cautious.
Now, let’s examine what the charts indicate about Five9’s stock price trajectory, where technical signals could offer more clues on whether it’s time to buy, hold, or sell.
Extremely weak across timeframes
Although Five9’s stock has been in a downtrend since August 2021 when it made an all-time high above $211, it found some stability in 2023 when it traded in a $50-$90 range for most of that year.
Source: TradingView
However, that stability didn’t last with the stock falling 64% so far this year. Currently, the stock is displaying extreme weakness across time frames having recently made its 5-year low at $26.60.
Taking these factors into account, investors who have a bullish outlook on Five must avoid going long at current levels. A long position should only be considered once the stock stabilizes near current levels and doesn’t make any new lows in the coming weeks.
Traders who are bearish on the stock but haven’t shorted it must wait for a bounce back closer to $32 levels to initiate fresh short positions. If the stock reaches that level, they can initiate a short position with a stop loss at $38.2.
Reporter Name | Zwarenstein Barry |
Relationship | Chief Financial Officer |
Type | Sell |
Amount | $118,892 |
SEC Filing | Form 4 |
Barry Zwarenstein, Chief Financial Officer of Five9, sold 4,408 shares of common stock on September 10, 2024. The transactions were executed at weighted average prices of $26.91 and $27.43, resulting in a total sale amount of $118,892. Following these transactions, Zwarenstein directly owns 101,732 shares and indirectly owns 85,121 shares through a trust. The sales were part of a pre-arranged Rule 10b5-1 trading plan established on March 4, 2024, and were intended to cover taxes upon the vesting of restricted stock units.
SEC Filing: Five9, Inc. [ FIVN ] - Form 4 - Sep. 12, 2024
The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Read More:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Nice NICE shares have risen 4.3% in the past month, outperforming the Zacks Computer & Technology sector’s decline of 2.2%.
The upside can be attributed to Nice’s diverse portfolio, which is helping it gain new customers. Actimize, Evidencentral, CXone and Inform Elite are some of the solutions that have been gaining popularity. NICE’s focus on its Evidencentral platform has been a key catalyst.
Nice recently announced that the Pinal County Attorney’s Office in Arizona would be adopting its NICE Justice digital evidence management solution, part of the AI-driven Evidencentral platform.
The latest development aims to transform how the office handles digital evidence, providing a streamlined, cloud-based system that enhances efficiency and service delivery.
Nice Price and Consensus
Nice price-consensus-chart | Nice Quote
With its AI-powered features for object detection, automated case building and evidence management, NICE Justice will ease the burden on Pinal County’s legal professionals, enabling them to focus more on its core mission of providing exceptional legal representation and ensuring community safety.
However, does the strong portfolio and expanding clientele make the NICE stock attractive? Let’s look at its fundamentals.
Robust Portfolio Boosts Nice’s Prospects
NICE’s expanding portfolio has been a major growth driver of its success. In August, NICE announced that the Augusta (Georgia) Judicial Circuit DA’s Office would deploy NICE Justice to expedite case processing and enhance digital evidence management.
Nice has a diverse portfolio, which is helping it gain new customers. Its partnerships with AT&T T and Microsoft MSFT have been a key catalyst.
NICE recently expanded its collaboration with AT&T to offer a unified incident capture and data analytics solution for NextGen 9-1-1 centers, showcasing it at APCO 2024.
A deepening partnership with Microsoft is noteworthy. NTR-X Compliance Recording and Assurance Solution has secured transactable solution status in Microsoft’s Azure Marketplace.
NICE’s expanding cloud offerings, mainly its CXone platform, are a plus. During the second quarter of 2024, it reported cloud revenues of $482 million, up 26% year over year.
NICE’s policy of frequently updating its portfolio has been a key catalyst as it aids in fending off competitors from other industry players like Five9 FIVN, Salesforce and 8X8, who are also expanding their portfolio in the CX market.
In June, Five9 announced an enhanced collaboration with Salesforce, integrating AI-powered solutions to improve customer experiences in contact centers.
NICE’s Q3 Guidance Positive
Nice’s efforts to enhance its customer experience with its robust cloud solutions are expected to drive top-line growth.
For the third quarter of 2024, NICE projects non-GAAP revenues to be between $676 million and $686 million, calling for 13% year-over-year growth at the midpoint. Non-GAAP earnings are estimated in the $2.62-2.72 per share band, suggesting 18% year-over-year growth at the midpoint.
The Zacks Consensus Estimate for revenues is pegged at $682.67 million, indicating 13.52% growth year over year. The consensus mark for earnings is pegged at $2.68 per share, increased by a penny over the past 30 days, indicating an 18.06 % year-over-year increase.
Here’s What Investors Should do With NICE Stock
Despite Nice’s strong portfolio and growing client base, the foreign exchange headwinds in the APAC market and stiff competition are major concerns.
The forward 12-month Price/Sales ratio for Nice stands at 4.18, higher than its Zacks Computers - IT Services sector’s 2.99, reflecting a stretched valuation.
Nice currently carries Zacks Rank #3 (Hold), which suggests that it may be wise to wait for a more favorable entry point in the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
PALO ALTO, Calif., Aug. 22, 2024 (GLOBE NEWSWIRE) -- Today, Sanas, the world’s first provider of Real-Time Accent Translation technology, announced an exclusive healthcare BPO industry partnership with Everise, a leader in customer service for global healthcare companies, and a new partnership with Five9, an intelligent customer experience platform provider.
In addition to the new partnerships, Sanas also announced the general availability of Noise Cancellation, a complementary solution for contact centers globally. With a one-click download, Noise Cancellation will easily integrate with existing systems. The solution enables contact centers to save on operational costs, eliminate background noise and voice during customer calls, and boost agent confidence and performance.
“Since the launch of Real-Time Accent Translation 18 months ago, our product adoption has gained remarkable traction –– today, more than 30,000 agents worldwide leverage Sanas’ technology to improve their day-to-day customer interactions. Additionally, 100,000 agents are already enrolled in Noise Cancellation, which just went into general availability,” said Sharath Keshava Narayana, Co-founder & COO of Sanas. “Thanks to our continued momentum from widespread adoption, Sanas has quickly scaled from zero to $12M in ARR –– a rare achievement at this stage. This is only the beginning for us, and we’re excited for what’s to come.”
Everise and Five9 Partnerships
Everise supports over 200,000 customer experiences annually in 32 languages and across eight strategic markets. Under this exclusive partnership within the healthcare service space, Everise will integrate Sanas’ Real-Time Accent Translation into its suite of customer experience solutions. Sanas and Everise will provide healthcare businesses with a safe ecosystem for contact center agents.
“Sanas is unlike any other voice or speech AI tool I have seen in more than 25 years in this industry. We have been excited to bring Sanas’ state-of-the-art technology exclusively to our healthcare clients,” Sudhir Agarwal, Founder & CEO, Everise. “The early stages of our partnership have been promising, and we’re deeply engaged in implementing the technology seamlessly into operations to deliver a global and inclusive customer experience.”
Five9 facilitates billions of call minutes annually and provides digital solutions to improve customer service and support contact center agents. Sanas’ Real-Time Accent Translation is now available on the Five9 CX Marketplace, helping organizations access AI-powered technology that enables agents to communicate naturally, as if in a quiet studio, while the technology adapts their accents to ensure clarity and ease of understanding for the customer. Sanas’ Real-Time Accent Translation reduces handle time to 18% and drives up to 22% gains in customer satisfaction.
“Adding Sanas to the Five9 CX Marketplace is helping customers quickly access and deploy Real-Time Accent Translation on Five9’s trusted, global platform,” said Jess Shea, ISV Partner Manager, Five9. “Sanas can now support a vast community of customers looking to break through communication barriers and empower agents with a new layer of confidence.”
“At Sanas, we’re making clear conversations more accessible to a globally distributed workforce by expanding our technology footprint with key industry partners,” said Maxim Serebryakov, Co-founder & CEO, Sanas. “With the help of Everise and Five9, Sanas will continue its mission to create a more understanding world and empower agents with patented, next-generation AI technologies, while driving customer satisfaction and business efficiencies in the contact center industry.”
For more information and to book a virtual demo with Sanas, visit: https://www.sanas.ai.
About SanasSanas provides the world's first Real-Time Speech Understanding Platform powered by its patented generative AI technologies. Born from a mission to power a kinder, more compassionate world, Sanas is pioneering a revolution in human connection by making global, real-time communication more inclusive. Today, Sanas holds a patent for its real-time AI speech understanding technology and also powers background noise elimination. Founded in 2020, Sanas is led by a team of exceptional co-founders, including CEO Maxim Serebryakov, CTO Shawn Zhang, and COO Sharath Keshava Narayana. To learn more, visit Sanas.ai.
Contact Information sanas@nectarpr.com
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