State Street Corp boosted its stake in Synchronoss Technologies, Inc. (NASDAQ:SNCR) by 6.8% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 901,973 shares of the company’s stock after buying an additional 57,560 shares during the period. State Street Corp’s holdings in Synchronoss Technologies were worth $34,545,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of SNCR. Synovus Financial Corp purchased a new position in Synchronoss Technologies during the third quarter valued at $183,000. Yorktown Management & Research Co Inc purchased a new position in Synchronoss Technologies during the third quarter valued at $206,000. PNC Financial Services Group Inc. boosted its position in Synchronoss Technologies by 23.3% in the third quarter. PNC Financial Services Group Inc. now owns 7,227 shares of the company’s stock valued at $298,000 after buying an additional 1,364 shares in the last quarter. Aperio Group LLC boosted its position in Synchronoss Technologies by 12.8% in the third quarter. Aperio Group LLC now owns 7,360 shares of the company’s stock valued at $303,000 after buying an additional 837 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its position in Synchronoss Technologies by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,930 shares of the company’s stock valued at $368,000 after buying an additional 150 shares in the last quarter. 84.24% of the stock is owned by institutional investors.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) opened at 25.94 on Friday. The firm has a market capitalization of $1.14 billion, a PE ratio of 57.64 and a beta of 2.28. Synchronoss Technologies, Inc. has a 52-week low of $25.15 and a 52-week high of $49.94. The stock’s 50 day moving average price is $29.57 and its 200 day moving average price is $38.25.
Synchronoss Technologies (NASDAQ:SNCR) last announced its earnings results on Wednesday, February 8th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by $0.02. The company had revenue of $147.80 million for the quarter, compared to the consensus estimate of $149.11 million. Synchronoss Technologies had a return on equity of 11.20% and a net margin of 3.38%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.61 earnings per share. On average, analysts predict that Synchronoss Technologies, Inc. will post $2.55 EPS for the current fiscal year.
Several research firms have recently weighed in on SNCR. JPMorgan Chase & Co. began coverage on Synchronoss Technologies in a research report on Wednesday, January 25th. They set an “overweight” rating and a $65.00 price objective for the company. Stifel Nicolaus reduced their price objective on Synchronoss Technologies from $40.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday, February 9th. Zacks Investment Research raised Synchronoss Technologies from a “strong sell” rating to a “hold” rating and set a $38.00 price objective for the company in a research report on Tuesday, February 14th. Finally, Deutsche Bank AG cut Synchronoss Technologies from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $50.00 to $35.00 in a research report on Thursday, February 9th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $46.50.
In related news, insider Robert Garcia sold 1,695 shares of the firm’s stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $25.66, for a total transaction of $43,493.70. Following the completion of the transaction, the insider now directly owns 77,312 shares of the company’s stock, valued at approximately $1,983,825.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Karen Rosenberger sold 10,000 shares of the firm’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $39.51, for a total value of $395,100.00. Following the transaction, the chief financial officer now directly owns 46,980 shares of the company’s stock, valued at $1,856,179.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,014 shares of company stock valued at $4,289,781. 11.00% of the stock is owned by corporate insiders.
About Synchronoss Technologies
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.
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