Synchronoss Technologies, Inc. (NASDAQ:SNCR) saw a significant 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 presently 5.3 days. Approximately 5.3% of the shares of the company are sold short.
NASDAQ:SNCR traded up $0.01 during mid-day trading on Friday, reaching $6.02. 503,694 shares of the stock were exchanged, compared to its average volume of 496,853. The business has a fifty day moving average price of $7.98 and a 200 day moving average price of $7.05. The firm has a market capitalization of $276.95 million, a PE ratio of -1.23 and a beta of 0.53. Synchronoss Technologies has a 1-year low of $4.96 and a 1-year high of $9.05. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.43.
Synchronoss Technologies (NASDAQ:SNCR) last released its earnings results on Monday, August 5th. The software maker reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.08. The firm had revenue of $77.80 million for the quarter, compared to analyst estimates of $80.19 million. Synchronoss Technologies had a negative return on equity of 81.70% and a negative net margin of 55.89%. Synchronoss Technologies’s revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.48) earnings per share. On average, sell-side analysts forecast that Synchronoss Technologies will post -1.72 earnings per share for the current year.
A number of research analysts recently issued reports on the company. Zacks Investment Research raised Synchronoss Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. ValuEngine lowered Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Canaccord Genuity assumed coverage on Synchronoss Technologies in a report on Tuesday, August 27th. They set a “buy” rating and a $13.00 target price on the stock. Finally, Roth Capital assumed coverage on Synchronoss Technologies in a report on Tuesday, June 18th. They set a “buy” rating and a $13.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $9.94.
In other news, CMO Mary P. Clark sold 4,500 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $8.43, for a total transaction of $37,935.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David D. Clark sold 20,878 shares of Synchronoss Technologies 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 disclosure for this sale can be found here. Insiders have sold 36,042 shares of company stock worth $287,299 over the last three months. Corporate insiders own 30.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in shares of Synchronoss Technologies in the 2nd quarter valued at $92,000. Cubist Systematic Strategies LLC acquired a new position in shares of Synchronoss Technologies in the 2nd quarter valued at $154,000. Vanguard Group Inc. boosted its position in shares of Synchronoss Technologies by 106.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,205,330 shares of the software maker’s stock valued at $9,534,000 after purchasing an additional 622,345 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Synchronoss Technologies by 107.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,339 shares of the software maker’s stock valued at $82,000 after purchasing an additional 5,364 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Synchronoss Technologies by 1,394.4% in the 2nd quarter. BlackRock Inc. now owns 2,048,925 shares of the software maker’s stock valued at $16,207,000 after purchasing an additional 1,911,821 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.
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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