Voss Capital sold 28.4% of its Five9 stake for $47 million as the stock rose 87.6% this year
Voss Capital sold 28.4% of its Five9 stake for about $47 million at an average $34.01, a filing showed October 22, one day before the stock closed at $37.61, up 87.6% this year and within 6% of its high, while insiders and a surviving fraud suit sit on the other side of the tape.
Vincent Jiang · 2 min read
Voss Capital, LP, a Houston value fund managing $2.15 billion, sold 1,382,560 shares of Five9+7.41% — Five9, up 7.41 percent today, 28.42% of its stake, at an average $34.01, roughly $47.02 million, per a filing disclosed October 22 covering trades through September 30 1. It kept 3,482,440 shares, leaving Five9 at 5.62% of the portfolio 1. The trim landed one day before the stock closed October 23 at $37.61, up 7.2% in a session, up 87.6% this year, and within 6% of its $40 52-week high 2.
A $47 million trim into a doubled stock
Five9 (NASDAQ: FIVN), a $2.62 billion cloud contact-center software company, has more than doubled off its $13.29 low in a year 2. Its most prominent tracked value holder, per GuruFocus's guru-ownership data, is now a seller into that rally, and executives have been selling too: insiders sold $7.0 million of stock over the past 12 months with zero buying 2. The stock trades at 54.9 times trailing earnings against a five-year median of 47.8x 2.
Voss sold at $34.01; the stock closed at $37.61 after doubling off its $13.29 low
Data
| Value | |
|---|---|
| 52-week low | 13.29 |
| GF Value estimate | 32.39 |
| Voss avg sale | 34.01 |
| Oct 23 close | 37.61 |
| 52-week high | 40 |
The Bear Case Has a Case Number
Schubert Jonckheer & Kolbe, a plaintiff firm, reminded investors on October 23 that a securities-fraud suit against Five9 and its former CEO and CFO survived a key test: on February 23, 2026, U.S 3. District Judge P. Casey Pitts found the complaint plausibly alleged the defendants acted with intent to deceive or deliberate recklessness over 2024 revenue-growth guidance 3. The alleged class period ran from February to August 2024, during which insiders sold over $8 million of stock 3. When guidance was cut that August, the stock fell 26% in one day 3.
A measured premium, a divided register
The valuation premium is measured, not a collapse signal: GuruFocus's GF Value model puts fair value at $32.39, making the stock 16.1% overvalued 2. GuruFocus scores quality at 79 out of 100, with growth ranked 9 of 10 2.
Source 2 reads the 9.8x forward P/E as a sign that lower near-term earnings growth is already expected, not as evidence the price is cheap 2. Voss kept roughly 87% of a cornerstone position, a trim rather than an exit 1. Six tracked gurus hold the stock, three adding and two trimming, a divided register 2. The fraud suit covers statements from 2024; no source in this record connects it to the 2026 rally 2.
Five9 trades at 54.9 times trailing earnings, above its 47.8x five-year median
- P/E
- Estimate
Data
| P/E | |
|---|---|
| Trailing P/E | 54.9x |
| Five-year median | 47.8x |
| Forward P/E (estimate) | 9.8x |
The next earnings print decides
The last time this company broke guidance after insiders had sold, the stock lost 26% in a day 3. The next earnings print will show whether the doubled stock has a next buyer, or only the sellers it just inherited from 123.
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