ServiceSource International, Inc. (SREV) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of ServiceSource International, Inc. (NASDAQ:SREV) from a buy rating to a hold rating in a report published on Friday, October 27th.

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 brokerages have also commented on SREV. Northland Securities reiterated a hold rating and issued a $5.25 price objective on shares of ServiceSource International in a research report on Friday, October 6th. BidaskClub lowered ServiceSource International from a buy rating to a hold rating in a research report on Monday, July 24th.

ServiceSource International (NASDAQ:SREV) traded down $0.06 during midday trading on Friday, reaching $2.81. The company had a trading volume of 388,300 shares, compared to its average volume of 228,727. ServiceSource International has a 1-year low of $2.78 and a 1-year high of $6.25.

ServiceSource International (NASDAQ:SREV) last released its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.02 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.02. The business had revenue of $58.10 million for the quarter, compared to analyst estimates of $56.55 million. ServiceSource International had a negative return on equity of 1.35% and a negative net margin of 15.89%. ServiceSource International’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 EPS.

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In related news, Director Gary B. Moore purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were bought at an average price of $3.38 per share, with a total value of $169,000.00. Following the purchase, the director now directly owns 143,627 shares in the company, valued at approximately $485,459.26. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Carrington purchased 28,429 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was bought at an average cost of $3.50 per share, for a total transaction of $99,501.50. Following the purchase, the chief executive officer now owns 822,473 shares in the company, valued at $2,878,655.50. The disclosure for this purchase can be found here. Insiders acquired a total of 126,578 shares of company stock worth $428,289 over the last quarter. Corporate insiders own 30.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of ServiceSource International by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 2,573,405 shares of the technology company’s stock valued at $9,984,000 after purchasing an additional 92,847 shares during the period. Renaissance Technologies LLC lifted its stake in shares of ServiceSource International by 4.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,194,646 shares of the technology company’s stock valued at $8,515,000 after purchasing an additional 102,600 shares during the period. State Street Corp lifted its stake in shares of ServiceSource International by 13.0% in the 2nd quarter. State Street Corp now owns 1,135,960 shares of the technology company’s stock valued at $4,406,000 after purchasing an additional 130,675 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of ServiceSource International by 2.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,009,493 shares of the technology company’s stock valued at $3,917,000 after purchasing an additional 24,750 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of ServiceSource International by 24.2% in the 2nd quarter. Northern Trust Corp now owns 861,516 shares of the technology company’s stock valued at $3,343,000 after purchasing an additional 167,892 shares during the period. 74.51% of the stock is currently owned by institutional investors.

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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