Synchronoss Technologies, Inc. (NASDAQ:SNCR) Short Interest Update
Synchronoss Technologies, Inc. (NASDAQ:SNCR) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 2,035,700 shares, a growth of 14.6% from the July 31st total of 1,776,200 shares. Based on an average daily volume of 382,100 shares, the short-interest ratio is currently 5.3 days. Approximately 5.3% of the company’s stock are short sold.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Synchronoss Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Roth Capital began coverage on Synchronoss Technologies in a report on Tuesday, June 18th. They issued a “buy” rating and a $13.00 target price on the stock. ValuEngine downgraded Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, Canaccord Genuity began coverage on Synchronoss Technologies in a report on Tuesday, August 27th. They issued a “buy” rating and a $13.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.94.
NASDAQ:SNCR traded up $0.07 during mid-day trading on Friday, reaching $6.08. The stock had a trading volume of 56,949 shares, compared to its average volume of 472,007. The business’s 50 day moving average is $8.01 and its 200 day moving average is $7.06. Synchronoss Technologies has a fifty-two week low of $4.96 and a fifty-two week high of $9.05. The stock has a market cap of $268.94 million, a P/E ratio of -1.24 and a beta of 0.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.21 and a quick ratio of 1.21.
In other news, CFO David D. Clark sold 20,878 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $7.91, for a total value of $165,144.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ronald Prague sold 8,789 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $7.85, for a total value of $68,993.65. The disclosure for this sale can be found here. Insiders sold a total of 36,042 shares of company stock worth $287,299 in the last quarter. 30.50% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in Synchronoss Technologies during the second quarter valued at approximately $1,132,000. Brighton Jones LLC grew its holdings in Synchronoss Technologies by 7.1% during the second quarter. Brighton Jones LLC now owns 150,000 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 10,000 shares during the last quarter. Sawtooth Solutions LLC acquired a new position in Synchronoss Technologies during the first quarter valued at approximately $193,000. Alambic Investment Management L.P. acquired a new position in Synchronoss Technologies during the first quarter valued at approximately $98,000. Finally, Deutsche Bank AG acquired a new position in Synchronoss Technologies during the fourth quarter valued at approximately $95,000. Institutional investors own 47.08% of the company’s stock.
About Synchronoss Technologies
Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of things platforms, products, and solutions worldwide. Its products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.
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