Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of a large decline in short interest in January. As of January 31st, there was short interest totalling 692,106 shares, a decline of 35.8% from the January 15th total of 1,078,478 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily trading volume, of 214,766 shares, the short-interest ratio is presently 3.2 days.
A number of research analysts have recently commented on SNCR shares. Stifel Nicolaus upgraded shares of Synchronoss Technologies from a “sell” rating to a “hold” rating and boosted their price target for the company from $3.00 to $7.00 in a research report on Monday, December 10th. ValuEngine upgraded shares of Synchronoss Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of Synchronoss Technologies from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Friday, November 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Synchronoss Technologies presently has a consensus rating of “Hold” and a consensus price target of $6.75.
In related news, CEO Glenn Lurie sold 26,769 shares of Synchronoss Technologies stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $5.92, for a total value of $158,472.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 34.90% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. United Services Automobile Association purchased a new position in shares of Synchronoss Technologies during the 4th quarter valued at $72,000. Investors Research Corp purchased a new position in Synchronoss Technologies in the fourth quarter worth $74,000. Saturna Capital CORP purchased a new position in Synchronoss Technologies in the fourth quarter worth $92,000. Synovus Financial Corp purchased a new position in Synchronoss Technologies in the fourth quarter worth $103,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in Synchronoss Technologies in the fourth quarter worth $126,000. Hedge funds and other institutional investors own 3.70% of the company’s stock.
SNCR opened at $8.31 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.99 and a quick ratio of 0.99. Synchronoss Technologies has a one year low of $3.90 and a one year high of $12.12.
About Synchronoss Technologies
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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