Short Interest in SVMK Inc (NASDAQ:SVMK) Drops By 16.5%

SVMK Inc (NASDAQ:SVMK) saw a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 5,080,600 shares, a decrease of 16.5% from the June 30th total of 6,083,500 shares. Currently, 5.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,820,000 shares, the short-interest ratio is presently 2.8 days.

SVMK stock traded down $0.13 during mid-day trading on Thursday, hitting $17.69. The company had a trading volume of 1,171,239 shares, compared to its average volume of 1,504,443. The company has a market capitalization of $2.37 billion and a price-to-earnings ratio of -12.37. SVMK has a 12-month low of $10.05 and a 12-month high of $20.00. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average price of $17.44 and a 200 day moving average price of $16.42.

SVMK (NASDAQ:SVMK) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.04. The business had revenue of $75.14 million for the quarter, compared to analysts’ expectations of $72.72 million. SVMK had a negative net margin of 59.16% and a negative return on equity of 25.79%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) EPS. As a group, analysts expect that SVMK will post -0.56 EPS for the current year.

In related news, major shareholder Tiger Global Management Llc sold 4,500,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $15.82, for a total value of $71,190,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alexander J. Lurie sold 108,889 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $16.87, for a total transaction of $1,836,957.43. The disclosure for this sale can be found here. Insiders sold a total of 4,647,114 shares of company stock valued at $73,700,177 in the last ninety days. 26.30% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of SVMK by 341.2% during the 1st quarter. FMR LLC now owns 14,186,773 shares of the company’s stock valued at $258,342,000 after buying an additional 10,971,548 shares in the last quarter. Vanguard Group Inc. raised its position in shares of SVMK by 297.5% during the 2nd quarter. Vanguard Group Inc. now owns 6,801,698 shares of the company’s stock valued at $112,295,000 after buying an additional 5,090,392 shares in the last quarter. BlackRock Inc. raised its position in shares of SVMK by 168.8% during the 2nd quarter. BlackRock Inc. now owns 6,252,007 shares of the company’s stock valued at $103,220,000 after buying an additional 3,925,894 shares in the last quarter. Miura Global Management LLC raised its position in shares of SVMK by 400.0% during the 1st quarter. Miura Global Management LLC now owns 3,500,000 shares of the company’s stock valued at $63,735,000 after buying an additional 2,800,000 shares in the last quarter. Finally, Legion Partners Asset Management LLC purchased a new stake in shares of SVMK during the 2nd quarter valued at about $31,477,000. Hedge funds and other institutional investors own 73.65% of the company’s stock.

Several research analysts recently weighed in on SVMK shares. SunTrust Banks reaffirmed a “buy” rating and issued a $22.00 target price on shares of SVMK in a report on Tuesday, July 30th. Zacks Investment Research downgraded shares of SVMK from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. Finally, UBS Group raised shares of SVMK from a “neutral” rating to a “buy” rating and upped their target price for the stock from $18.00 to $24.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. SVMK presently has an average rating of “Buy” and a consensus target price of $17.88.

About SVMK

SVMK Inc provides survey software products and purpose-built solutions that enable organizations to engage with their customers, employees, and the markets they serve in the United States and internationally. Its cloud-based SaaS platform helps individuals and organizations to design and distribute surveys that generate an average of approximately 20 million answered questions daily across approximately 190 countries and territories.

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