Servicesource International (SREV) Shares Up 5.8%

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Servicesource International Inc (NASDAQ:SREV) shares shot up 5.8% during trading on Thursday . The stock traded as high as $1.48 and last traded at $1.46. 1,334,617 shares were traded during mid-day trading, an increase of 163% from the average session volume of 508,159 shares. The stock had previously closed at $1.38.

Several research firms recently commented on SREV. B. Riley set a $2.00 price objective on Servicesource International and gave the company a “buy” rating in a research note on Thursday. BidaskClub downgraded Servicesource International from a “hold” rating to a “sell” rating in a research note on Tuesday, July 17th. Zacks Investment Research downgraded Servicesource International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Finally, JMP Securities downgraded Servicesource International from an “outperform” rating to a “market perform” rating in a research note on Friday, October 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Servicesource International presently has an average rating of “Hold” and a consensus price target of $2.00.

The company has a market capitalization of $126.74 million, a PE ratio of 18.13 and a beta of 1.81.

In related news, Director Bruce Dunlevie bought 30,335 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was acquired at an average cost of $2.98 per share, with a total value of $90,398.30. Following the purchase, the director now directly owns 141,182 shares of the company’s stock, valued at $420,722.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 19.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. Prescott Group Capital Management L.L.C. increased its stake in shares of Servicesource International by 11.3% in the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 1,581,152 shares of the technology company’s stock worth $4,506,000 after acquiring an additional 160,397 shares during the last quarter. BlackRock Inc. increased its stake in shares of Servicesource International by 0.7% in the 3rd quarter. BlackRock Inc. now owns 5,225,749 shares of the technology company’s stock worth $14,893,000 after acquiring an additional 37,659 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Servicesource International by 33.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,734,838 shares of the technology company’s stock worth $4,944,000 after acquiring an additional 431,606 shares during the last quarter. Northern Trust Corp increased its stake in shares of Servicesource International by 3.7% in the 2nd quarter. Northern Trust Corp now owns 895,825 shares of the technology company’s stock worth $3,529,000 after acquiring an additional 31,841 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Servicesource International by 76.9% in the 2nd quarter. Millennium Management LLC now owns 2,519,445 shares of the technology company’s stock worth $9,927,000 after acquiring an additional 1,094,838 shares during the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.

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About Servicesource International (NASDAQ:SREV)

ServiceSource International, Inc provides recurring revenue management, maintenance, support, and subscription for technology and technology-enabled healthcare and life sciences companies. The company's solutions include outsourced sales operations, customer onboarding, customer success management, cross-sell and upsell, warranty conversion, account-based marketing, and channel recruitment and enablement, as well as renewals management, including the sale of maintenance and support service contracts for the products used by its clients' end-users.

Further Reading: Why do company’s buyback their stock?

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