Synchronoss Technologies, Inc. (SNCR) Sees Unusually-High Trading Volume
Synchronoss Technologies, Inc. (NASDAQ:SNCR) saw unusually-high trading volume on Monday . Approximately 2,111,595 shares changed hands during mid-day trading, an increase of 42% from the previous session’s volume of 1,485,440 shares.The stock last traded at $13.48 and had previously closed at $14.15.
SNCR has been the subject of a number of research reports. Raymond James Financial, Inc. cut Synchronoss Technologies from an “outperform” rating to an “underperform” rating and set a $18.00 price objective for the company. in a report on Tuesday, September 19th. Zacks Investment Research upgraded Synchronoss Technologies from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 25th. Deutsche Bank AG reiterated a “hold” rating and issued a $10.00 price objective (down from $18.00) on shares of Synchronoss Technologies in a report on Wednesday, September 20th. Stifel Nicolaus reiterated a “hold” rating and issued a $16.00 price objective on shares of Synchronoss Technologies in a report on Friday, June 23rd. Finally, Citigroup Inc. boosted their target price on Synchronoss Technologies to $10.00 and gave the company a “hold” rating in a research note on Wednesday, September 20th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Synchronoss Technologies has a consensus rating of “Hold” and a consensus target price of $17.57.
The firm’s 50 day moving average price is $13.99 and its 200-day moving average price is $16.44. The company has a market capitalization of $603.01 million, a P/E ratio of 30.47 and a beta of 1.62.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stephens Inc. AR purchased a new position in Synchronoss Technologies in the second quarter worth about $5,360,000. Airain ltd boosted its position in shares of Synchronoss Technologies by 10.9% during the second quarter. Airain ltd now owns 73,469 shares of the software maker’s stock valued at $1,209,000 after buying an additional 7,218 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Synchronoss Technologies by 405.9% during the second quarter. Oppenheimer & Co. Inc. now owns 55,275 shares of the software maker’s stock valued at $909,000 after buying an additional 44,350 shares during the period. Comerica Bank boosted its position in shares of Synchronoss Technologies by 40.6% during the second quarter. Comerica Bank now owns 141,698 shares of the software maker’s stock valued at $2,307,000 after buying an additional 40,928 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in shares of Synchronoss Technologies by 54.9% during the first quarter. OppenheimerFunds Inc. now owns 14,799 shares of the software maker’s stock valued at $361,000 after buying an additional 5,244 shares during the period. Institutional investors own 74.06% of the company’s stock.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.
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