Synchronoss Technologies Target of Unusually High Options Trading (SNCR)
Synchronoss Technologies, Inc. (NASDAQ:SNCR) saw unusually large options trading activity on Monday. Investors acquired 5,116 put options on the company. This is an increase of 215% compared to the average daily volume of 1,622 put options.
In other Synchronoss Technologies news, insider Robert Garcia sold 9,935 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $32.47, for a total value of $322,589.45. Following the completion of the transaction, the insider now directly owns 82,397 shares of the company’s stock, valued at $2,675,430.59. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Silver Private Holdings I, Llc bought 1,357,383 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average cost of $15.89 per share, with a total value of $21,568,815.87. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 14,406 shares of company stock valued at $439,241. Insiders own 11.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of Nova Scotia bought a new stake in Synchronoss Technologies during the first quarter valued at $1,537,000. Paloma Partners Management Co bought a new stake in Synchronoss Technologies during the first quarter valued at $805,000. Gotham Asset Management LLC bought a new stake in Synchronoss Technologies during the first quarter valued at $3,825,000. State Street Corp raised its stake in Synchronoss Technologies by 8.2% in the first quarter. State Street Corp now owns 975,857 shares of the software maker’s stock valued at $23,809,000 after buying an additional 73,884 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in Synchronoss Technologies by 7.9% in the first quarter. Oppenheimer & Co. Inc. now owns 10,925 shares of the software maker’s stock valued at $267,000 after buying an additional 800 shares in the last quarter. Institutional investors own 84.24% of the company’s stock.
Synchronoss Technologies (NASDAQ:SNCR) traded down 5.32% during midday trading on Monday, hitting $12.82. 4,040,922 shares of the company were exchanged. The firm’s 50-day moving average price is $19.78 and its 200-day moving average price is $32.65. The stock has a market capitalization of $563.86 million, a PE ratio of 28.49 and a beta of 2.28. Synchronoss Technologies has a one year low of $11.15 and a one year high of $49.94.
A number of brokerages have weighed in on SNCR. Credit Suisse Group AG downgraded shares of Synchronoss Technologies from a “neutral” rating to an “underperform” rating and set a $13.00 target price for the company. in a research note on Monday. Raymond James Financial, Inc. downgraded shares of Synchronoss Technologies from a “strong-buy” rating to an “outperform” rating in a research note on Monday, May 1st. Deutsche Bank AG reaffirmed a “hold” rating and issued a $15.00 target price (down from $35.00) on shares of Synchronoss Technologies in a research note on Saturday, April 29th. Stifel Nicolaus dropped their target price on shares of Synchronoss Technologies from $32.00 to $10.00 and set a “hold” rating for the company in a research note on Friday, April 28th. Finally, JPMorgan Chase & Co. downgraded shares of Synchronoss Technologies from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $65.00 to $27.00 in a research note on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $29.50.
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Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.
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