Synchronoss Technologies (NASDAQ:SNCR) Trading Up 5.4%

Synchronoss Technologies, Inc. (NASDAQ:SNCR) rose 5.4% during trading on Wednesday . The stock traded as high as $4.05 and last traded at $3.91. Approximately 384,559 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 546,458 shares. The stock had previously closed at $3.71.

SNCR has been the topic of several research reports. LADENBURG THALM/SH SH initiated coverage on Synchronoss Technologies in a research note on Tuesday, August 25th. They issued a “buy” rating and a $8.00 target price on the stock. Northland Securities initiated coverage on Synchronoss Technologies in a research note on Friday, June 26th. They issued a “buy” rating and a $6.50 target price on the stock. Finally, Roth Capital restated a “market perform” rating and issued a $9.00 target price on shares of Synchronoss Technologies in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $8.15.

The stock has a market cap of $178.82 million, a price-to-earnings ratio of -1.51 and a beta of 1.03. The company has a 50-day simple moving average of $3.89 and a two-hundred day simple moving average of $3.47.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings results on Monday, August 10th. The software maker reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.38. Synchronoss Technologies had a negative return on equity of 20.35% and a negative net margin of 24.09%. Analysts predict that Synchronoss Technologies, Inc. will post -0.74 EPS for the current year.

In other Synchronoss Technologies news, CFO David D. Clark sold 17,942 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $3.30, for a total transaction of $59,208.60. Following the transaction, the chief financial officer now owns 232,526 shares of the company’s stock, valued at approximately $767,335.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 30.50% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of SNCR. JPMorgan Chase & Co. increased its holdings in shares of Synchronoss Technologies by 46.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,685,601 shares of the software maker’s stock worth $5,141,000 after acquiring an additional 531,595 shares during the last quarter. Mackay Shields LLC acquired a new position in shares of Synchronoss Technologies during the 1st quarter worth approximately $851,000. Federated Hermes Inc. acquired a new position in shares of Synchronoss Technologies during the 2nd quarter worth approximately $745,000. Goldman Sachs Group Inc. increased its holdings in shares of Synchronoss Technologies by 118.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 195,279 shares of the software maker’s stock worth $689,000 after acquiring an additional 105,855 shares during the last quarter. Finally, Engineers Gate Manager LP increased its holdings in shares of Synchronoss Technologies by 466.8% during the 2nd quarter. Engineers Gate Manager LP now owns 104,289 shares of the software maker’s stock worth $368,000 after acquiring an additional 85,888 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

About Synchronoss Technologies (NASDAQ:SNCR)

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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