Synchronoss Technologies, Inc. (NASDAQ:SNCR) Short Interest Update

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Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 5,950,000 shares, an increase of 34.6% from the August 30th total of 4,420,000 shares. Based on an average daily trading volume, of 439,900 shares, the short-interest ratio is currently 13.5 days. Approximately 17.1% of the company’s shares are sold short.

NASDAQ:SNCR traded up $0.09 on Monday, reaching $5.84. The stock had a trading volume of 513,900 shares, compared to its average volume of 373,627. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average of $6.30 and a 200 day moving average of $6.81. The stock has a market cap of $255.19 million, a P/E ratio of -1.19 and a beta of 0.51. Synchronoss Technologies has a 12-month low of $4.96 and a 12-month high of $9.05.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings data on Monday, August 5th. The software maker reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.08. The company had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $80.19 million. Synchronoss Technologies had a negative net margin of 55.89% and a negative return on equity of 81.70%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.48) EPS. On average, equities analysts predict that Synchronoss Technologies will post -1.72 EPS for the current year.

A number of brokerages recently weighed in on SNCR. ValuEngine cut shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Roth Capital began coverage on shares of Synchronoss Technologies in a research report on Tuesday, June 18th. They set a “buy” rating and a $13.00 price target for the company. Zacks Investment Research raised shares of Synchronoss Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Canaccord Genuity began coverage on shares of Synchronoss Technologies in a research report on Tuesday, August 27th. They set a “buy” rating and a $13.00 price target for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $9.94.

In related news, CMO Mary P. Clark sold 4,500 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $8.43, for a total transaction of $37,935.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ronald Prague sold 8,789 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $7.85, for a total transaction of $68,993.65. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,164 shares of company stock valued at $122,154. Insiders own 30.50% of the company’s stock.

Large investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in shares of Synchronoss Technologies during the second quarter worth about $92,000. Cubist Systematic Strategies LLC bought a new position in shares of Synchronoss Technologies during the second quarter worth about $154,000. Vanguard Group Inc. lifted its position in shares of Synchronoss Technologies by 106.8% during the second quarter. Vanguard Group Inc. now owns 1,205,330 shares of the software maker’s stock worth $9,534,000 after purchasing an additional 622,345 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Synchronoss Technologies by 107.8% during the second quarter. Tower Research Capital LLC TRC now owns 10,339 shares of the software maker’s stock worth $82,000 after purchasing an additional 5,364 shares during the last quarter. Finally, BlackRock Inc. lifted its position in shares of Synchronoss Technologies by 1,394.4% during the second quarter. BlackRock Inc. now owns 2,048,925 shares of the software maker’s stock worth $16,207,000 after purchasing an additional 1,911,821 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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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