Investors Purchase High Volume of Synchronoss Technologies Put Options (SNCR)

Synchronoss Technologies, Inc. (NASDAQ:SNCR) was the target of unusually large options trading on Thursday. Traders purchased 4,310 put options on the stock. This represents an increase of 6,238% compared to the typical daily volume of 68 put options.

Several hedge funds have recently modified their holdings of the company. Elk Creek Partners LLC grew its position in shares of Synchronoss Technologies by 3.5% in the 3rd quarter. Elk Creek Partners LLC now owns 2,420,323 shares of the software maker’s stock worth $22,582,000 after buying an additional 81,228 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Synchronoss Technologies by 29.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,357,569 shares of the software maker’s stock worth $38,782,000 after buying an additional 540,181 shares during the last quarter. State Street Corp grew its position in shares of Synchronoss Technologies by 8.1% in the 2nd quarter. State Street Corp now owns 1,054,586 shares of the software maker’s stock worth $17,346,000 after buying an additional 78,729 shares during the last quarter. Smith Graham & Co. Investment Advisors LP grew its position in shares of Synchronoss Technologies by 2.0% in the 4th quarter. Smith Graham & Co. Investment Advisors LP now owns 778,868 shares of the software maker’s stock worth $6,963,000 after buying an additional 15,230 shares during the last quarter. Finally, State of Wisconsin Investment Board grew its position in shares of Synchronoss Technologies by 108.5% in the 3rd quarter. State of Wisconsin Investment Board now owns 679,010 shares of the software maker’s stock worth $6,335,000 after buying an additional 353,388 shares during the last quarter. Hedge funds and other institutional investors own 68.18% of the company’s stock.

Several equities analysts recently issued reports on the company. Deutsche Bank restated a “hold” rating and set a $18.00 price target (up from $10.00) on shares of Synchronoss Technologies in a research report on Monday, October 9th. Zacks Investment Research lowered Synchronoss Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Credit Suisse Group restated an “underperform” rating and set a $8.00 price target (down from $13.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Finally, BidaskClub lowered Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 9th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $16.57.

Shares of Synchronoss Technologies (NASDAQ SNCR) opened at $8.32 on Friday. The firm has a market capitalization of $386.77, a P/E ratio of 18.91 and a beta of 1.56. Synchronoss Technologies has a 1 year low of $8.03 and a 1 year high of $39.60.

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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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