Synchronoss Technologies, Inc. (NASDAQ:SNCR) Sees Significant Decline in Short Interest

Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 114,600 shares, a drop of 26.1% from the January 31st total of 155,000 shares. Based on an average daily volume of 51,300 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SNCR. Roth Capital raised shares of Synchronoss Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 25th. Roth Mkm upgraded Synchronoss Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $11.00 to $13.00 in a report on Monday, November 25th.

Synchronoss Technologies Stock Performance

NASDAQ SNCR opened at $8.82 on Tuesday. The company has a debt-to-equity ratio of 5.75, a current ratio of 1.88 and a quick ratio of 1.88. Synchronoss Technologies has a 1-year low of $6.02 and a 1-year high of $15.46. The firm has a market capitalization of $95.60 million, a P/E ratio of -2.27 and a beta of 1.99. The business’s 50-day simple moving average is $9.55 and its 200-day simple moving average is $10.93.

Insider Transactions at Synchronoss Technologies

In other news, CEO Jeffrey George Miller sold 17,389 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $10.34, for a total transaction of $179,802.26. Following the transaction, the chief executive officer now directly owns 336,232 shares in the company, valued at $3,476,638.88. This represents a 4.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 17.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Man Group plc raised its stake in shares of Synchronoss Technologies by 131.0% in the 4th quarter. Man Group plc now owns 122,667 shares of the software maker’s stock valued at $1,178,000 after acquiring an additional 69,569 shares during the period. JPMorgan Chase & Co. increased its holdings in Synchronoss Technologies by 54,341.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 58,797 shares of the software maker’s stock valued at $875,000 after purchasing an additional 58,689 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Synchronoss Technologies in the fourth quarter valued at about $404,000. LSV Asset Management acquired a new position in shares of Synchronoss Technologies during the fourth quarter worth about $400,000. Finally, Two Sigma Investments LP lifted its stake in shares of Synchronoss Technologies by 140.8% during the fourth quarter. Two Sigma Investments LP now owns 67,141 shares of the software maker’s stock worth $645,000 after purchasing an additional 39,256 shares in the last quarter. 51.71% of the stock is owned by institutional investors and hedge funds.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.