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Cloud communication company Five9 (FIVN) - Get Free Report  was rising more than 16% Thursday to $57.33 after it reported second-quarter earnings that topped estimates and received an upgrade from analysts at J.P. Morgan. 

The San Ramon, Calif.-based company reported second-quarter earnings of 20 cents a share on revenue of $77.4 million, a 27% year-over-year increase. Analysts were expecting the company to report earnings of 12 cents a share on revenue of $77.4 million. 

"To further strengthen our position in this massive market, we have made a meaningful investment in our engineering and technical leadership and added several key industry leaders to expand our channel development. Our strong enterprise ecosystem continues to grow, most recently with the announcement of our partnership with Microsoft Teams, further demonstrating our momentum," CEO Rowan Trollope said. 

Following the beat, analysts at J.P. Morgan upgraded the stock to overweight from neutral and also raised their price target to $70 from $59. 

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