Principal Financial Group Inc. raised its position in Synchronoss Technologies Inc. (NASDAQ:SNCR) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 291,916 shares of the company’s stock after buying an additional 18,218 shares during the period. Principal Financial Group Inc. owned approximately 0.67% of Synchronoss Technologies worth $9,300,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its stake in Synchronoss Technologies by 19.0% in the first quarter. BlackRock Inc. now owns 3,095 shares of the company’s stock worth $100,000 after buying an additional 494 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Synchronoss Technologies by 100.1% in the second quarter. Advisors Asset Management Inc. now owns 5,277 shares of the company’s stock worth $168,000 after buying an additional 2,640 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Synchronoss Technologies by 22.7% in the second quarter. Teacher Retirement System of Texas now owns 5,653 shares of the company’s stock worth $180,000 after buying an additional 1,047 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Synchronoss Technologies by 7.2% in the second quarter. PNC Financial Services Group Inc. now owns 5,863 shares of the company’s stock worth $186,000 after buying an additional 392 shares during the last quarter. Finally, Acrospire Investment Management LLC increased its stake in Synchronoss Technologies by 600.0% in the second quarter. Acrospire Investment Management LLC now owns 6,300 shares of the company’s stock worth $201,000 after buying an additional 5,400 shares during the last quarter. 81.21% of the stock is currently owned by hedge funds and other institutional investors.
Synchronoss Technologies Inc. (NASDAQ:SNCR) opened at 37.10 on Monday. The company’s 50-day moving average price is $41.21 and its 200 day moving average price is $36.57. The stock has a market capitalization of $1.61 billion, a P/E ratio of 628.81 and a beta of 2.15. Synchronoss Technologies Inc. has a 52-week low of $20.33 and a 52-week high of $43.65.
Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. Synchronoss Technologies had a return on equity of 13.12% and a net margin of 0.52%. The company had revenue of $161.49 million for the quarter, compared to analysts’ expectations of $156.99 million. During the same period last year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, equities research analysts anticipate that Synchronoss Technologies Inc. will post $2.51 earnings per share for the current year.
A number of analysts have commented on SNCR shares. Zacks Investment Research downgraded Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 7th. Stephens started coverage on Synchronoss Technologies in a research report on Wednesday, August 10th. They issued an “overweight” rating and a $50.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $47.44.
In related news, Director Donnie Moore sold 5,500 shares of Synchronoss Technologies stock in a transaction on Monday, September 12th. The stock was sold at an average price of $40.63, for a total value of $223,465.00. Following the transaction, the director now directly owns 29,092 shares in the company, valued at approximately $1,182,007.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stephen G. Waldis sold 13,000 shares of Synchronoss Technologies stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $40.61, for a total value of $527,930.00. Following the completion of the transaction, the chief executive officer now owns 476,110 shares in the company, valued at $19,334,827.10. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.
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