Shares of Five9 (NASDAQ: FIVN), a cloud contact center software provider, tumbled 5.06% in pre-market trading on Friday following a series of analyst price target cuts despite the company's better-than-expected third-quarter results.

Five9 reported adjusted earnings of 78 cents per share for the quarter ended September 30, surpassing the analyst consensus of 73 cents. Revenue rose 8.2% year-over-year to $285.83 million, slightly above expectations of $285.04 million. The company also announced a $150 million share repurchase program, signaling confidence in its growth prospects.

However, several analysts lowered their price targets for Five9 stock. Barclays reduced its target from $33 to $29, D.A. Davidson cut from $28 to $24, and Piper Sandler lowered its target from $31 to $26. These downgrades appear to be weighing on investor sentiment, despite the company's solid quarterly performance. The stock's pre-market decline suggests that Wall Street may be concerned about Five9's growth trajectory or valuation in the current market environment.