10 Oversold Tech Stocks To Buy Right Now

2. Five9, Inc. (NASDAQ:FIVN)  

Number of Hedge Fund Investors: 34  

Forward P/E Ratio as of October 15: 11.93  

YTD Performance as of October 15: -61.61%  

Five9, Inc. (NASDAQ:FIVN) provides cloud contact center software (CCaaS) for businesses seeking to enhance customer engagement. The company’s Intelligent CX Platform facilitates seamless communication across various channels, such as phone, email, and social media. Five9, Inc. (NASDAQ:FIVN) has over 2,500 customers and over 1,400 partners globally.

Five9, Inc. (NASDAQ:FIVN) is improving the customer experience through automation and AI. The company’s AI and automation solutions are anticipated to significantly contribute to its future growth and profitability. Management highlighted that these offerings have higher gross margins compared to its traditional contact center software and are expected to drive future revenue growth. Five9, Inc.’s (NASDAQ:FIVN) ability to provide a comprehensive suite of contact center software solutions, including AI and automation, sets it apart in the market and is expected to fuel its growth and profitability.

On October 10, Five9, Inc. (Nasdaq:FIVN) announced its expanded availability in India with the addition of two new data centers in Delhi and Mumbai. This expansion allows the company to better support local and multi-national enterprises in the region, enabling them to power their customer experience strategies more effectively. Additionally, the company has obtained a Department of Telecommunications (DOT) Unified License (Virtual Network Operator) (UL VNO) in India, which enables the company to provide access services, national long-distance, and international long-distance services in the country. This license also allows Five9, Inc. (Nasdaq:FIVN) to partner with local carriers and internet service providers (ISPs) to offer telephony and network connectivity services.

Recently, Five9, Inc. (NASDAQ:FIVN) secured a major client, which is projected to add $50 million in annual recurring revenue (ARR) over the next few years. The increasing demand for AI-powered contact center solutions is a significant catalyst for Five9, Inc. (NASDAQ:FIVN) growth. The AI contact center market is projected to reach $14.6 billion by 2032, and Five9, Inc. (NASDAQ:FIVN) is well-positioned to capture a significant share of this growing market. The company is anticipated to experience 10.18% earnings growth this year. Industry analysts have reached a consensus on the stock’s Buy rating, with an average target price of $51.96 that suggests a 53.99%% upside potential from its current levels.