Synchronoss Technologies, Inc. (NASDAQ:SNCR) Sees Large Growth in Short Interest – MarketBeat

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Synchronoss Technologies, Inc. (NASDAQ:SNCR – Get Rating) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,670,000 shares, an increase of 29.0% from the May 31st total of 2,070,000 shares. Approximately 7.2% of the shares of the company are short sold. Based on an average daily trading volume, of 234,800 shares, the short-interest ratio is currently 11.4 days.
Separately, StockNews.com assumed coverage on Synchronoss Technologies in a research report on Thursday, March 31st. They issued a “hold” rating for the company.
Shares of NASDAQ:SNCR opened at $1.22 on Friday. Synchronoss Technologies has a one year low of $1.06 and a one year high of $3.62. The stock has a fifty day moving average of $1.34 and a 200-day moving average of $1.72. The company has a market capitalization of $107.73 million, a PE ratio of -1.65 and a beta of 1.24. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.27 and a current ratio of 1.27.
Synchronoss Technologies (NASDAQ:SNCR – Get Rating) last announced its quarterly earnings data on Tuesday, May 10th. The software maker reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Synchronoss Technologies had a positive return on equity of 0.52% and a negative net margin of 4.96%. The company had revenue of $65.87 million during the quarter, compared to the consensus estimate of $65.44 million. As a group, research analysts forecast that Synchronoss Technologies will post -0.04 EPS for the current fiscal year.
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In other news, major shareholder B. Riley Financial, Inc. bought 69,183 shares of the business’s stock in a transaction on Monday, May 23rd. The stock was purchased at an average cost of $1.50 per share, for a total transaction of $103,774.50. Following the completion of the transaction, the insider now directly owns 11,878,289 shares of the company’s stock, valued at approximately $17,817,433.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Martin Francis Bernstein bought 47,900 shares of the business’s stock in a transaction on Monday, May 16th. The stock was purchased at an average price of $1.52 per share, with a total value of $72,808.00. Following the completion of the transaction, the director now directly owns 155,502 shares of the company’s stock, valued at $236,363.04. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 270,808 shares of company stock valued at $391,932. Insiders own 30.70% of the company’s stock.
A number of large investors have recently made changes to their positions in SNCR. Qube Research & Technologies Ltd acquired a new stake in Synchronoss Technologies during the 4th quarter valued at $37,000. Wedbush Securities Inc. acquired a new position in shares of Synchronoss Technologies in the first quarter worth $48,000. Mirabella Financial Services LLP acquired a new position in shares of Synchronoss Technologies in the fourth quarter worth $73,000. State Street Corp increased its stake in shares of Synchronoss Technologies by 65.6% in the first quarter. State Street Corp now owns 266,858 shares of the software maker’s stock worth $462,000 after acquiring an additional 105,669 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Synchronoss Technologies by 11.6% in the first quarter. Renaissance Technologies LLC now owns 376,829 shares of the software maker’s stock worth $652,000 after acquiring an additional 39,302 shares during the last quarter. 51.06% of the stock is currently owned by institutional investors.
About Synchronoss Technologies (Get Rating)
Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management platforms, products, and solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company's platforms, products, and solutions include content backup, view, manage, engage, transfer, and restore solutions in operating systems and devices; multi-channel messaging, peer-to-peer communications, and application-to-person commerce solutions; email solutions; customer journey and workflow design, development, orchestration, and experience management solutions; and telecom network infrastructure designing, procuring, managing, and optimizing solutions.
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