Needham & Company 'Aggressive Buyers' of Five9, Inc (FIVN) on Dip

Needham & Company analyst Scott Berg reiterated a Buy rating and $160.00 price target on Five9, Inc (NASDAQ: FIVN) after the CEO resigned and the company issued a weaker revenue beat. The firm is aggressive buyers on this dip a

The analyst commented, "Before market open today, FIVN announced CEO Rowan Trollope is leaving the company at the end of November to become CEO of an undisclosed private, pre-IPO company while simultaneously pre-announcing 3Q financial results. We view the ~20% fall in the stock as a reflection of a weaker revenue beat than expected, versus the CEO leadership change. While we acknowledge some investor angst in this change, we note incoming CEO Mike Burkland (current BOD Chairman) is a strong operator with a highly successful run as CEO of FIVN from 2008-2017 which should make this change as seamless as possible. We feel today's FIVN stock debate is more about any changes within the CC space to drive the smaller beat. We are aggressive buyers on this dip as we believe any CC sector change is minimal and more about macro than anything competitive in nature."

For an analyst ratings summary and ratings history on Five9, Inc click here. For more ratings news on Five9, Inc click here.

Shares of Five9, Inc closed at $76.97 yesterday.

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