Synchronoss Technologies, Inc. (NASDAQ:SNCR) Sees Significant Increase in Short Interest

Synchronoss Technologies, Inc. (NASDAQ:SNCR - Get Free Report) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 259,300 shares, a growth of 27.2% from the February 29th total of 203,900 shares. Based on an average daily volume of 112,600 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.7% of the shares of the company are short sold.

Synchronoss Technologies Price Performance

NASDAQ:SNCR traded down $0.13 during trading hours on Friday, reaching $8.35. The company had a trading volume of 18,869 shares, compared to its average volume of 90,658. The stock has a 50-day moving average of $8.54 and a two-hundred day moving average of $6.58. Synchronoss Technologies has a one year low of $2.70 and a one year high of $13.97. The firm has a market capitalization of $86.09 million, a PE ratio of -1.26 and a beta of 1.66. The company has a quick ratio of 1.15, a current ratio of 1.72 and a debt-to-equity ratio of 5.11.

Insider Activity at Synchronoss Technologies

In other news, Director Kevin Rendino bought 20,553 shares of the business's stock in a transaction that occurred on Thursday, January 4th. The stock was acquired at an average cost of $5.50 per share, for a total transaction of $113,041.50. Following the completion of the purchase, the director now owns 883,275 shares of the company's stock, valued at approximately $4,858,012.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Kevin Rendino bought 20,553 shares of the business's stock in a transaction that occurred on Thursday, January 4th. The stock was acquired at an average cost of $5.50 per share, for a total transaction of $113,041.50. Following the completion of the purchase, the director now owns 883,275 shares of the company's stock, valued at approximately $4,858,012.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrick Joseph Doran sold 2,750 shares of the company's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $9.33, for a total value of $25,657.50. Following the completion of the transaction, the executive vice president now owns 69,308 shares of the company's stock, valued at $646,643.64. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 30,288 shares of company stock worth $187,147. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of Synchronoss Technologies

Large investors have recently bought and sold shares of the stock. First Personal Financial Services bought a new stake in shares of Synchronoss Technologies during the fourth quarter worth $25,000. Prudential Financial Inc. bought a new stake in shares of Synchronoss Technologies during the second quarter worth $30,000. Quadrature Capital Ltd bought a new stake in shares of Synchronoss Technologies during the third quarter worth $32,000. Jane Street Group LLC bought a new stake in shares of Synchronoss Technologies during the second quarter worth $36,000. Finally, HighTower Advisors LLC bought a new stake in shares of Synchronoss Technologies during the third quarter worth $37,000. 51.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Synchronoss Technologies in a research report on Thursday, December 14th. They issued a "hold" rating on the stock.

About Synchronoss Technologies

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company's product EngageX, offers personal cloud, which helps in backup, manage, and engage with content; multi-channel messaging, peer-to-peer communications, and application-to-person commerce solutions; and email solutions.