Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of unusually large options trading on Thursday. Traders purchased 1,255 put options on the company. This is an increase of 689% compared to the typical volume of 159 put options.

A number of analysts recently issued reports on SNCR shares. Deutsche Bank reissued a “hold” rating and set a $18.00 target price (up from $10.00) on shares of Synchronoss Technologies in a research note on Monday, October 9th. Stifel Nicolaus reissued a “hold” rating and set a $10.00 target price (down from $16.00) on shares of Synchronoss Technologies in a research note on Wednesday, September 20th. Citigroup increased their target price on Synchronoss Technologies to $10.00 and gave the stock a “hold” rating in a research note on Wednesday, September 20th. Zacks Investment Research cut Synchronoss Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Finally, BidaskClub raised Synchronoss Technologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 17th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $16.57.

Synchronoss Technologies (SNCR) opened at $9.26 on Friday. Synchronoss Technologies has a 12-month low of $8.48 and a 12-month high of $42.70. The firm has a market capitalization of $444.26, a P/E ratio of 6.45 and a beta of 1.55.

Large investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue boosted its position in Synchronoss Technologies by 80.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,511 shares of the software maker’s stock worth $140,000 after acquiring an additional 3,791 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Synchronoss Technologies by 4.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 10,100 shares of the software maker’s stock worth $166,000 after acquiring an additional 470 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in Synchronoss Technologies during the 2nd quarter worth approximately $166,000. Crossmark Global Holdings Inc. acquired a new position in Synchronoss Technologies during the 3rd quarter worth approximately $113,000. Finally, SG Americas Securities LLC acquired a new position in Synchronoss Technologies during the 3rd quarter worth approximately $119,000. 68.35% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: “Traders Purchase Large Volume of Put Options on Synchronoss Technologies (SNCR)” was posted by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another site, it was stolen and republished in violation of US and international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/12/10/traders-purchase-large-volume-of-put-options-on-synchronoss-technologies-sncr.html.

About Synchronoss Technologies

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.

Receive News & Ratings for Synchronoss Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synchronoss Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.