Five9 (FIVN Quick QuoteFIVN - Free Report) shares ended the last trading session 7.5% higher at $179.18. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.5% gain over the past four weeks.

Increased optimism over accelerated demand for the company’s cloud contact-center software attributed to the ongoing digital transformation as organizations are increasingly looking for ways to minimize costs and improve customer support primarily drove the stock higher.

Product innovation, enhanced AI automation, new service offerings, international expansion, and an industry-wide tailwind of organizations looking to modernize their contact centers are key catalysts in driving growth.

This provider of cloud-based software to call centers is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $132.14 million, up 32.4% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Five9, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FIVN going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>