--- title: "Voss Capital sold 28.4% of its Five9 stake for $47 million as the stock rose 87.6% this year" description: "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." publisher: "The Inference" section: "Applications" published: 2026-10-24T21:05:06.294Z modified: 2026-10-24T21:05:06.294Z canonical: https://theinference.org/article/voss-capital-sold-28-4-of-its-five9-stake-for-47-million-as-the-stock-rose-87-6-this-year language: en keywords: "Five9, Voss Capital, Hedge Funds, Insider Selling, Valuation" --- # 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. Voss Capital, LP, a Houston value fund managing $2.15 billion, sold 1,382,560 shares of [Five9](https://theinference.org/markets/companies/five9), 28.42% of its stake, at an average $34.01, roughly $47.02 million, per [a filing disclosed October 22](https://www.gurufocus.com/news/9138438/voss-capital-lp-trims-five9-inc-fivn-stake-shares-look-8-overvalued-on-gf-value) 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](https://www.gurufocus.com/news/9140866/is-five9-inc-fivn-overvalued-after-72-rally-gf-value-says-overvalued), 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]. *Chart: **Voss sold at $34.01; the stock closed at $37.61 after doubling off its $13.29 low** Five bar chart of Five9 price levels: $13.29 low, $32.39 GF Value, $34.01 Voss sale price, $37.61 close, $40 high.* *Share price levels in US dollars, 2026: 52-week range, GuruFocus GF Value estimate, Voss Capital's average sale price on its September 30 trim, and the October 23 close. Sources: GuruFocus News, October 22 and 23, 2026 [1][2]. [1][2]* ## The Bear Case Has a Case Number Schubert Jonckheer & Kolbe, a plaintiff firm, [reminded investors on October 23](https://www.classactionlawyers.com/blog/five9reminder) 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]. *Chart: **Five9 trades at 54.9 times trailing earnings, above its 47.8x five-year median** Column chart comparing Five9's trailing P/E of 54.9x, its five-year median of 47.8x and its forward P/E of 9.8x.* *Price-to-earnings multiples for Five9 as of October 23, 2026: trailing P/E, five-year median P/E and forward P/E. The forward multiple is an estimate built on projected earnings, and GuruFocus reads it as the market pricing in lower near-term growth rather than cheapness. Sources: GuruFocus News, October 23, 2026 [2]. [2]* ## 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 [1][2][3]. ## Takeaway Voss Capital kept 87% of its Five9 stake, but a $47 million sale into a doubled stock, insider selling and a surviving fraud suit make the next earnings print the test. ## Sources 1. [GuruFocus News, Voss Capital, LP Trims Five9 Inc (FIVN) Stake, Shares Look 8% Overvalued on GF Value, 22 October 2026](https://www.gurufocus.com/news/9138438/voss-capital-lp-trims-five9-inc-fivn-stake-shares-look-8-overvalued-on-gf-value) 2. [GuruFocus News, Is Five9 Inc (FIVN) Overvalued After 7.2% Rally? GF Value Says Overvalued, 23 October 2026](https://www.gurufocus.com/news/9140866/is-five9-inc-fivn-overvalued-after-72-rally-gf-value-says-overvalued) 3. [Schubert Jonckheer & Kolbe LLP, Five9, Inc. (NASDAQ: FIVN) Investor Reminder: Investigating Possible False Statements Following 26% Stock Drop and Key Court Ruling, 23 October 2026](https://www.classactionlawyers.com/blog/five9reminder) --- Voss Capital sold 28.4% of its Five9 stake for $47 million as the stock rose 87.6% this year — The Inference. Canonical: https://theinference.org/article/voss-capital-sold-28-4-of-its-five9-stake-for-47-million-as-the-stock-rose-87-6-this-year