Fiserv, Inc. (FI): “That’s A High Flyer,” Says Jim Cramer

We recently published 9 Stocks Jim Cramer Discussed As He Commented On Big Tech. Fiserv, Inc. (NYSE:FI) is one of the stocks Jim Cramer recently discussed.

Fiserv, Inc. (NYSE:FI) is an American financial technology company that enables card payment, fraud protection, and other associated services. The shares have lost 32% year-to-date, primarily on the back of a massive 15.6% dip in July. Fiserv, Inc. (NYSE:FI)’s stock was gutted as the firm failed to deliver on the holy grail of SaaS companies, revenue growth. The firm’s second quarter earnings report saw it cut its full year organic growth outlook to 10% from an earlier 10% to 12%. Since SaaS stocks such as Fiserv, Inc. (NYSE:FI) depend on revenue growth, investors weren’t pleased and they punished the firm instead. Here is what Cramer said:

“[On share price action after FI cut organic revenue guide to 10 from 10 to 12] That’s a high flier. No one really expected anything other than great from them. And that’s different from Texas Instruments, that’s like, wow, there was always a chance that that could happen.

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Fiserv, Inc. (NYSE:FI)’s shares also fell by 15% in May after the firm’s CFO admitted that it’s Clover platform won’t grow as fast as expected. Here’s what Cramer said about the firm back then:

“Yeah, I gotta tell you, this is one where I said I’ve gotta take my time and figure out what the heck is going wrong with Fiserv. This was just a disaster, and I’ve gotta know more because I don’t like what I’m hearing.”

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.