Servicesource International Inc (NASDAQ:SREV) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 4,229,731 shares, a growth of 71.7% from the October 15th total of 2,462,768 shares. Based on an average daily volume of 2,300,331 shares, the short-interest ratio is presently 1.8 days. Approximately 5.7% of the shares of the company are sold short.
Several research analysts recently weighed in on the company. BidaskClub cut Servicesource International from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 20th. B. Riley set a $5.00 target price on Servicesource International and gave the company a “buy” rating in a research note on Friday, September 21st. Zacks Investment Research cut Servicesource International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Finally, JMP Securities cut Servicesource International from an “outperform” rating to a “market perform” rating in a research note on Friday, October 19th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $2.00.
In other Servicesource International news, Director Bruce Dunlevie purchased 30,335 shares of the stock in a transaction dated Wednesday, August 15th. The shares were bought at an average cost of $2.98 per share, with a total value of $90,398.30. Following the completion of the acquisition, the director now owns 141,182 shares of the company’s stock, valued at $420,722.36. The purchase was disclosed in a filing with the SEC, which is available through this link. 19.00% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Algert Global LLC bought a new position in Servicesource International during the second quarter valued at about $249,000. Citadel Advisors LLC boosted its stake in Servicesource International by 748.9% during the second quarter. Citadel Advisors LLC now owns 87,807 shares of the technology company’s stock valued at $346,000 after buying an additional 77,463 shares in the last quarter. Macquarie Group Ltd. bought a new position in Servicesource International during the second quarter valued at about $360,000. Rhumbline Advisers boosted its stake in Servicesource International by 61.1% during the second quarter. Rhumbline Advisers now owns 108,060 shares of the technology company’s stock valued at $426,000 after buying an additional 40,995 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its stake in Servicesource International by 11.3% during the second quarter. Chicago Equity Partners LLC now owns 150,015 shares of the technology company’s stock valued at $591,000 after buying an additional 15,220 shares in the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.
Shares of SREV stock opened at $1.45 on Friday. Servicesource International has a fifty-two week low of $1.23 and a fifty-two week high of $4.47. The stock has a market cap of $124.90 million, a P/E ratio of 18.13 and a beta of 1.81.
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Servicesource International Company Profile
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.
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