ServiceSource International, Inc. (SREV) Sees Significant Decrease in Short Interest
ServiceSource International, Inc. (NASDAQ:SREV) was the recipient of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 2,306,083 shares, a decrease of 23.9% from the July 31st total of 3,029,199 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average daily trading volume, of 192,564 shares, the days-to-cover ratio is presently 12.0 days.
In other ServiceSource International news, Director Gary B. Moore bought 50,000 shares of ServiceSource International stock in a transaction that occurred on Wednesday, August 23rd. The shares were purchased at an average cost of $3.38 per share, for a total transaction of $169,000.00. Following the completion of the transaction, the director now owns 143,627 shares of the company’s stock, valued at approximately $485,459.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Cakebread sold 29,692 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $3.22, for a total value of $95,608.24. Following the transaction, the director now owns 64,943 shares in the company, valued at $209,116.46. The disclosure for this sale can be found here. Insiders have purchased 98,149 shares of company stock worth $328,787 over the last quarter. 17.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SREV. California State Teachers Retirement System boosted its position in ServiceSource International by 11.7% in the second quarter. California State Teachers Retirement System now owns 134,274 shares of the technology company’s stock worth $521,000 after buying an additional 14,100 shares during the period. The Manufacturers Life Insurance Company boosted its position in ServiceSource International by 31.2% in the second quarter. The Manufacturers Life Insurance Company now owns 65,379 shares of the technology company’s stock worth $253,000 after buying an additional 15,540 shares during the period. State Street Corp boosted its position in ServiceSource International by 13.0% in the second quarter. State Street Corp now owns 1,135,960 shares of the technology company’s stock worth $4,406,000 after buying an additional 130,675 shares during the period. Lyon Street Capital LLC purchased a new position in ServiceSource International during the second quarter worth about $279,000. Finally, Goldman Sachs Group Inc. boosted its position in ServiceSource International by 2.0% in the second quarter. Goldman Sachs Group Inc. now owns 40,261 shares of the technology company’s stock worth $156,000 after buying an additional 794 shares during the period. Hedge funds and other institutional investors own 67.97% of the company’s stock.
ServiceSource International (NASDAQ SREV) opened at 3.65 on Tuesday. The company’s 50-day moving average price is $3.70 and its 200 day moving average price is $3.81. The stock’s market capitalization is $325.54 million. ServiceSource International has a 52-week low of $2.82 and a 52-week high of $6.25.
ServiceSource International (NASDAQ:SREV) last released its earnings results on Monday, August 7th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.03. The firm had revenue of $58.30 million during the quarter, compared to analysts’ expectations of $56.26 million. ServiceSource International had a negative return on equity of 3.70% and a negative net margin of 17.26%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 EPS. On average, equities research analysts anticipate that ServiceSource International will post $0.06 earnings per share for the current year.
Several equities analysts recently weighed in on SREV shares. Zacks Investment Research upgraded ServiceSource International from a “hold” rating to a “buy” rating and set a $3.75 target price on the stock in a research report on Saturday, May 13th. Northland Securities set a $5.00 target price on ServiceSource International and gave the stock a “hold” rating in a research report on Friday, July 28th. Finally, BidaskClub downgraded ServiceSource International from a “buy” rating to a “hold” rating in a research report on Monday, July 24th.
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ServiceSource International Company Profile
ServiceSource International, Inc (ServiceSource) is a provider of customer and revenue lifecycle solutions that power enterprise revenue relationships, partnering with business to business technology and technology-enabled companies. The Company operates through two segments: Managed Services, and Cloud and Business Intelligence (CBI).
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