Five9: Attractive Buy on Solid CCaaS Trends, Accelerating AI Momentum, and Discounted Valuation

William Blair analyst Arjun Bhatia has reiterated their bullish stance on FIVN stock, giving a Buy rating today.

Arjun Bhatia has given his Buy rating due to a combination of factors tied to Five9’s solid operating trends and emerging AI momentum. The company modestly outperformed revenue expectations, showed improving growth in its core CCaaS subscriptions, and is signaling that both net retention and overall growth should strengthen in the second half of 2026 as today’s backlog converts into revenue.

He also highlights that enterprise AI is scaling rapidly, with bookings more than doubling and AI-related revenue expanding at a 50% pace and now representing a meaningful slice of subscription sales. In addition, he views Five9’s valuation as attractive, noting that the shares trade at a material discount to slower‑growing software peers, while long‑term fundamentals remain supported by the ongoing migration of traditional contact centers to cloud-based and AI-enabled solutions.

In another report released today, Barclays also maintained a Buy rating on the stock with a $25.00 price target.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FIVN in relation to earlier this year.