The company is a provider of cloud-based analytical services; SVMK Inc. (NASDAQ: SVMK) is changing its brand name and is selling many destinations. As part of its strategy, it is strengthening its core business and expanding its market share.
SVMK is changing its name to Momentive, but its flagship product, online analytics surveys, will still carry the well-known name of SurveyMonkey. Moreover, SVMK intends to sell some of its business software as a part of its reorganization.
SurveyMonkey was founded in 1999 and is one of the leading players in the market for analytical services. While the company’s income has been increasing, it still is unprofitable, and it needs to improve its profitability to be competitive. Revenue for SurveyMonkey grew 22 % to $ 376.6 million in 2020, while losses grew 24 % to $ 91.6 million. Furthermore, SurveyMonkey is one of the largest providers of various survey data that will allow you to conduct market research, analyze trends, understand attitudes towards various topics. And identify non-obvious results of such fundamental changes as the massive shift towards remote working.
As a result of the name change, SurveyMonkey’s management believes that the brand will be more distinctive, which is an important factor for customer engagement since the company’s name is traditionally associated with surveys. Meanwhile, SVMK provides a wide range of services, which include analytical and software services. Aside from that, the business is currently investing heavily in artificial intelligence (AI) in the hope of gaining more market share and expanding into new markets.
As of the last check, SVMK Inc. (NASDAQ: SVMK) was rising on Friday’s Chart, up 1.19% to $21.29. Shares in SVMK Inc. previous the last trading day at $21.04. The volume of shares traded during the trading session was 0.9 million, which is higher than the average volume of 713,22K over the last three months. The stock oscillated between $20.82 and $21.37 during the trading session. The company’s earnings per share stood at -0.68. SVMK’s stock has gained 6.88% of its value in the previous five sessions and moved 21.66% over the past one month but has lost -16.67% on a year-to-date basis. The stock’s 50-day moving average of $18.76 is below the 200-day moving average of $21.65. Moreover, the stock is currently trading at an RSI of 73.10.