Investors Buy Large Volume of Synchronoss Technologies Call Options (SNCR)

Synchronoss Technologies, Inc. (NASDAQ:SNCR) saw unusually large options trading activity on Monday. Stock traders purchased 3,205 call options on the stock. This is an increase of approximately 2,639% compared to the average daily volume of 117 call options.

Several hedge funds have recently made changes to their positions in SNCR. TIAA CREF Investment Management LLC boosted its stake in shares of Synchronoss Technologies by 3.5% in the second quarter. TIAA CREF Investment Management LLC now owns 115,573 shares of the software maker’s stock valued at $1,901,000 after purchasing an additional 3,858 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Synchronoss Technologies by 100.4% in the second quarter. Parametric Portfolio Associates LLC now owns 88,549 shares of the software maker’s stock valued at $1,457,000 after purchasing an additional 44,352 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Synchronoss Technologies by 29.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,357,569 shares of the software maker’s stock valued at $38,782,000 after purchasing an additional 540,181 shares during the period. Voya Investment Management LLC boosted its stake in shares of Synchronoss Technologies by 404.0% in the second quarter. Voya Investment Management LLC now owns 82,565 shares of the software maker’s stock valued at $1,358,000 after purchasing an additional 66,183 shares during the period. Finally, State Street Corp boosted its stake in shares of Synchronoss Technologies by 8.1% in the second quarter. State Street Corp now owns 1,054,586 shares of the software maker’s stock valued at $17,346,000 after purchasing an additional 78,729 shares during the period. Institutional investors and hedge funds own 69.14% of the company’s stock.

Synchronoss Technologies (NASDAQ:SNCR) opened at $8.74 on Wednesday. The firm has a market cap of $402.05, a price-to-earnings ratio of -6.88 and a beta of 1.33. Synchronoss Technologies has a 52 week low of $6.51 and a 52 week high of $33.04.

Several equities research analysts have recently issued reports on the stock. Deutsche Bank reissued a “hold” rating and issued a $8.00 price objective (down previously from $18.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. BidaskClub lowered shares of Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 9th. Credit Suisse Group reissued an “underperform” rating and issued a $8.00 price objective (down previously from $13.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Finally, Zacks Investment Research raised shares of Synchronoss Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.57.

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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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