Synchronoss Technologies, Inc. (NASDAQ:SNCR) Short Interest Up 15.8% in October

Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 6,890,000 shares, a growth of 15.8% from the September 30th total of 5,950,000 shares. Based on an average daily trading volume, of 448,700 shares, the days-to-cover ratio is currently 15.4 days. Currently, 19.8% of the shares of the company are sold short.

In other news, CMO Mary P. Clark sold 4,500 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $8.43, for a total value of $37,935.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 30.50% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in SNCR. AE Wealth Management LLC increased its position in Synchronoss Technologies by 94.5% during the second quarter. AE Wealth Management LLC now owns 58,506 shares of the software maker’s stock worth $463,000 after acquiring an additional 28,423 shares during the period. Lapides Asset Management LLC bought a new stake in Synchronoss Technologies in the 2nd quarter valued at $850,000. Brighton Jones LLC increased its holdings in Synchronoss Technologies by 7.1% in the 2nd quarter. Brighton Jones LLC now owns 150,000 shares of the software maker’s stock valued at $1,187,000 after buying an additional 10,000 shares during the period. Stone Ridge Asset Management LLC bought a new stake in Synchronoss Technologies in the 2nd quarter valued at $126,000. Finally, Acadian Asset Management LLC bought a new stake in Synchronoss Technologies in the 2nd quarter valued at $1,132,000. 46.99% of the stock is currently owned by institutional investors and hedge funds.

SNCR stock traded up $0.84 on Tuesday, reaching $4.86. 393,298 shares of the company were exchanged, compared to its average volume of 686,695. Synchronoss Technologies has a 12 month low of $3.72 and a 12 month high of $9.05. The stock’s fifty day moving average price is $5.55 and its 200 day moving average price is $6.79. The firm has a market capitalization of $192.43 million, a PE ratio of -0.99 and a beta of 0.50. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.94 and a quick ratio of 0.94.

Synchronoss Technologies (NASDAQ:SNCR) last announced its earnings results on Monday, November 4th. The software maker reported ($0.62) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.22). Synchronoss Technologies had a negative return on equity of 99.39% and a negative net margin of 66.53%. The company had revenue of $52.21 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period last year, the firm posted ($0.72) EPS. The company’s revenue was down 37.3% compared to the same quarter last year. As a group, research analysts expect that Synchronoss Technologies will post -2.35 EPS for the current fiscal year.

A number of analysts have recently weighed in on the stock. Canaccord Genuity restated a “buy” rating and issued a $13.00 price objective on shares of Synchronoss Technologies in a research note on Tuesday. Zacks Investment Research cut shares of Synchronoss Technologies from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, ValuEngine lowered shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $9.94.

Synchronoss Technologies Company Profile

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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