RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, markets performed poorly, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index (RLG) declined -3.27% and -3.13%, respectively and Institutional Class (RPX) declined -4.11%. Year to date, RPX has returned 26.59% compared to the SPX and the RLG’s 13.07% and 24.98% returns, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Advisors highlighted stocks like Five9, Inc. (NASDAQ:FIVN) in the third quarter 2023 investor letter. Headquartered in San Ramon, California, Five9, Inc. (NASDAQ:FIVN) is a cloud software provider. On November 16, 2023, Five9, Inc. (NASDAQ:FIVN) stock closed at $72.66 per share. One-month return of Five9, Inc. (NASDAQ:FIVN) was 20.92%, and its shares gained 24.89% of their value over the last 52 weeks. Five9, Inc. (NASDAQ:FIVN) has a market capitalization of $5.282 billion.
RiverPark Advisors made the following comment about Five9, Inc. (NASDAQ:FIVN) in its Q3 2023 investor letter:
“Five9, Inc. (NASDAQ:FIVN): FIVN was a top detractor in the third quarter despite better-than-expected 2Q earnings and guidance. FIVN reported 18% year-over-year revenue growth and 53% EPS growth. Management raised guidance for the remainder of 2023, but by a lesser amount than the beat in the quarter, highlighting uncertainty in the macroeconomic environment. Five9 is a leader in providing cloud-based software to contact centers. The company’s suite of applications provides contact center agents a unified communication platform (voice, email, text, chat, web, social) and a desktop of tools to help agents engage customers more quickly and effectively. FIVN is well-positioned as contact centers transition to the cloud and has high customer retention (112% net revenue retention last quarter). The company doubled its strategic s ales team over the past year and signed new partnerships with AT&T, CDW and Microsoft. We believe the company can grow its top line in the high teens, while improving on its 2Q 59% gross margin and 19% EBITDA margin, leading to 20%+ EPS growth for the foreseeable future.”
A close-up of a server running a cloud-native platform, symbolizing the power of the software-as-a-service (SaaS) business area.
Five9, Inc. (NASDAQ:FIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Five9, Inc. (NASDAQ:FIVN) at the end of second quarter which was 41 in the previous quarter.
We discussed Five9, Inc. (NASDAQ:FIVN) in another article and shared Morgan Stanley’s top stock picks for 2023. In addition, please check out our hedge fund investor letters Q3 2023 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.
