ServiceSource International, Inc. (SREV) Stock Price Up 7.3% on Insider Buying Activity

ServiceSource International, Inc. (NASDAQ:SREV)’s share price rose 7.3% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $3.70 and last traded at $3.66, with a volume of 502,357 shares traded. The stock had previously closed at $3.41.

Specifically, Director Gary B. Moore bought 50,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were bought at an average cost of $3.38 per share, for a total transaction of $169,000.00. Following the completion of the acquisition, the director now directly owns 143,627 shares in the company, valued at $485,459.26. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven Cakebread sold 29,692 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were 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. Over the last 90 days, insiders have acquired 98,149 shares of company stock worth $328,787. Corporate insiders own 17.90% of the company’s stock.

SREV has been the topic of several recent research reports. Zacks Investment Research upgraded ServiceSource International from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 26th. BidaskClub lowered ServiceSource International from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Northland Securities set a $5.00 target price on ServiceSource International and gave the company a “hold” rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $5.58.

The stock’s 50 day moving average is $3.70 and its 200 day moving average is $3.82. The firm’s market cap is $326.43 million.

ServiceSource International (NASDAQ:SREV) last released its quarterly earnings results on Monday, August 7th. The technology company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. ServiceSource International had a negative net margin of 17.26% and a negative return on equity of 3.70%. The business had revenue of $58.30 million for the quarter, compared to analysts’ expectations of $56.26 million. During the same period in the previous year, the company earned $0.01 earnings per share. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, analysts predict that ServiceSource International, Inc. will post $0.06 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC boosted its position in ServiceSource International by 22.7% in the second quarter. Voya Investment Management LLC now owns 36,641 shares of the technology company’s stock valued at $142,000 after buying an additional 6,789 shares during the period. American International Group Inc. raised its stake in shares of ServiceSource International by 7.1% in the first quarter. American International Group Inc. now owns 37,580 shares of the technology company’s stock valued at $146,000 after buying an additional 2,484 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of ServiceSource International by 30.8% in the first quarter. Goldman Sachs Group Inc. now owns 39,467 shares of the technology company’s stock valued at $153,000 after buying an additional 9,284 shares in the last quarter. OxFORD Asset Management LLP raised its stake in shares of ServiceSource International by 106.3% in the second quarter. OxFORD Asset Management LLP now owns 40,684 shares of the technology company’s stock valued at $158,000 after buying an additional 20,966 shares in the last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of ServiceSource International by 21.7% in the second quarter. Nationwide Fund Advisors now owns 42,721 shares of the technology company’s stock valued at $166,000 after buying an additional 7,607 shares in the last quarter. Institutional investors and hedge funds own 66.55% 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).