Synchronoss Technologies Inc. (SNCR) Sees Unusually-High Trading Volume
Synchronoss Technologies Inc. (NASDAQ:SNCR) saw strong trading volume on Wednesday . 426,125 shares traded hands during trading, an increase of 32% from the previous session’s volume of 323,926 shares.The stock last traded at $32.63 and had previously closed at $31.88.
A number of brokerages recently weighed in on SNCR. JPMorgan Chase & Co. reissued a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Credit Suisse Group AG reissued a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Drexel Hamilton reissued a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Zacks Investment Research raised shares of Synchronoss Technologies from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a research note on Saturday, June 4th. Finally, FBR & Co increased their price objective on shares of Synchronoss Technologies from $36.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 15th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $47.89.
The stock has a 50 day moving average of $34.30 and a 200 day moving average of $31.61. The firm has a market cap of $1.42 billion and a price-to-earnings ratio of 62.81.
Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Thursday, May 5th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. During the same period last year, the firm earned $0.49 EPS. The business had revenue of $145.57 million for the quarter, compared to analyst estimates of $144.29 million. Synchronoss Technologies’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that Synchronoss Technologies Inc. will post $2.45 EPS for the current fiscal year.
In related news, CEO Stephen G. Waldis sold 13,000 shares of the stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $36.12, for a total transaction of $469,560.00. Following the sale, the chief executive officer now owns 502,110 shares of the company’s stock, valued at $18,136,213.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles E. Hoffman sold 55,000 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $35.08, for a total value of $1,929,400.00. Following the sale, the director now directly owns 34,640 shares in the company, valued at approximately $1,215,171.20. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its position in shares of Synchronoss Technologies by 28.2% in the fourth quarter. Ameritas Investment Partners Inc. now owns 38,600 shares of the company’s stock worth $1,359,000 after buying an additional 8,500 shares during the last quarter. Oxford Asset Management purchased a new position in shares of Synchronoss Technologies during the fourth quarter worth approximately $4,418,000. GAM Holding AG purchased a new position in shares of Synchronoss Technologies during the fourth quarter worth approximately $1,205,000. Strs Ohio boosted its position in shares of Synchronoss Technologies by 10.2% in the fourth quarter. Strs Ohio now owns 130,000 shares of the company’s stock worth $4,579,000 after buying an additional 12,000 shares during the last quarter. Finally, General American Investors Co. Inc. boosted its position in shares of Synchronoss Technologies by 6.2% in the fourth quarter. General American Investors Co. Inc. now owns 425,534 shares of the company’s stock worth $14,992,000 after buying an additional 25,000 shares during the last quarter.
Synchronoss Technologies, Inc (Synchronoss) is a mobile innovation company that provides software-based cloud and activation solutions for connected devices to enterprise customers. The Company’s solutions include intelligent connectivity management and content synchronization, backup and sharing service procurement, provisioning, activation, and support that enable communications service providers (CSPs), cable operators/multi-services operators (MSOs), original equipment manufacturers (OEMs) with embedded connectivity, multi-channel retailers and other customers.
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