Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 7,490,404 shares, a drop of 14.3% from the February 15th total of 8,743,989 shares. Currently, 18.7% of the company’s shares are sold short. Based on an average trading volume of 2,052,718 shares, the short-interest ratio is presently 3.6 days.
A number of equities analysts have issued reports on SNCR shares. Credit Suisse Group restated an “underperform” rating and set a $8.00 target price (down previously from $13.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Zacks Investment Research upgraded Synchronoss Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. BidaskClub cut Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a report on Saturday, December 9th. Finally, Deutsche Bank restated a “hold” rating and set a $8.00 target price (down previously from $18.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. Synchronoss Technologies has an average rating of “Hold” and an average price target of $16.57.
Synchronoss Technologies (NASDAQ:SNCR) opened at $10.44 on Wednesday. Synchronoss Technologies has a 1-year low of $6.51 and a 1-year high of $26.89. The stock has a market capitalization of $484.13, a PE ratio of -8.22 and a beta of 1.08.
A number of institutional investors and hedge funds have recently modified their holdings of SNCR. Parametric Portfolio Associates LLC boosted its holdings in Synchronoss Technologies by 100.4% during the second quarter. Parametric Portfolio Associates LLC now owns 88,549 shares of the software maker’s stock worth $1,457,000 after buying an additional 44,352 shares during the last quarter. State Street Corp lifted its holdings in shares of Synchronoss Technologies by 8.1% during the 2nd quarter. State Street Corp now owns 1,054,586 shares of the software maker’s stock valued at $17,346,000 after purchasing an additional 78,729 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in shares of Synchronoss Technologies by 86.8% during the 3rd quarter. Nationwide Fund Advisors now owns 53,365 shares of the software maker’s stock valued at $498,000 after purchasing an additional 24,800 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Synchronoss Technologies during the 3rd quarter valued at about $113,000. Finally, State of Wisconsin Investment Board lifted its holdings in shares of Synchronoss Technologies by 108.5% during the 3rd quarter. State of Wisconsin Investment Board now owns 679,010 shares of the software maker’s stock valued at $6,335,000 after purchasing an additional 353,388 shares in the last quarter. Hedge funds and other institutional investors own 81.33% of the company’s stock.
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About Synchronoss Technologies
Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.
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