ServiceSource International, Inc. (NASDAQ:SREV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $4.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.96% from the stock’s current price.
According to Zacks, “ServiceSource provides a suite of cloud applications for service revenue management. The Company provides end-to-end management and optimization of the service contract renewals process, including data management, quoting, selling and service revenue business intelligence. Its solution is based on the proprietary Service Revenue Intelligence Platform, a data warehouse that incorporates transactional, analytical and industry data gathered from over two million service renewal transactions. The Company’s offering finds its application in all industries. ServiceSource is headquartered in San Francisco, California. “
A number of other research analysts also recently issued reports on the company. Northland Securities reiterated a “hold” rating and issued a $5.25 price target on shares of ServiceSource International in a report on Friday, October 6th. BidaskClub upgraded ServiceSource International from a “sell” rating to a “hold” rating in a report on Friday, August 25th.
ServiceSource International (NASDAQ:SREV) traded up 0.29% during midday trading on Wednesday, reaching $3.51. The company’s stock had a trading volume of 164,353 shares. The firm has a 50 day moving average price of $3.52 and a 200-day moving average price of $3.60. The company’s market cap is $313.05 million. ServiceSource International has a 12-month low of $2.82 and a 12-month high of $6.25.
ServiceSource International (NASDAQ:SREV) last announced its quarterly earnings results on Monday, August 7th. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.03. ServiceSource International had a negative return on equity of 3.70% and a negative net margin of 17.26%. The business had revenue of $58.30 million for the quarter, compared to the consensus estimate of $56.26 million. During the same period last year, the business posted $0.01 EPS. The business’s revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts predict that ServiceSource International will post $0.06 earnings per share for the current fiscal year.
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In other ServiceSource International news, Director Gary B. Moore bought 50,000 shares of the company’s 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 purchase, the director now directly owns 143,627 shares in the company, valued at $485,459.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven Cakebread sold 60,853 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $3.27, for a total value of $198,989.31. Following the transaction, the director now owns 64,943 shares in the company, valued at $212,363.61. The disclosure for this sale can be found here. Insiders bought a total of 126,578 shares of company stock worth $428,289 over the last quarter. Company insiders own 30.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in ServiceSource International by 3.7% during the 2nd quarter. Vanguard Group Inc. now owns 2,573,405 shares of the technology company’s stock worth $9,984,000 after buying an additional 92,847 shares during the last quarter. Renaissance Technologies LLC grew its stake in ServiceSource International by 4.9% during the 1st quarter. Renaissance Technologies LLC now owns 2,194,646 shares of the technology company’s stock worth $8,515,000 after buying an additional 102,600 shares during the last quarter. State Street Corp grew its stake in ServiceSource International by 13.0% during the 2nd 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 last quarter. Ameriprise Financial Inc. grew its stake in ServiceSource International by 2.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,009,493 shares of the technology company’s stock worth $3,917,000 after buying an additional 24,750 shares during the last quarter. Finally, Northern Trust Corp grew its stake in ServiceSource International by 24.2% during the 2nd quarter. Northern Trust Corp now owns 861,516 shares of the technology company’s stock worth $3,343,000 after buying an additional 167,892 shares during the last quarter. Hedge funds and other institutional investors own 74.84% of the company’s stock.
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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