Short Interest in Synchronoss Technologies, Inc. (NASDAQ:SNCR) Declines By 13.3%

Synchronoss Technologies, Inc. (NASDAQ:SNCR - Get Free Report) was the target of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 102,900 shares, a decline of 13.3% from the April 30th total of 118,700 shares. Based on an average trading volume of 101,800 shares, the days-to-cover ratio is presently 1.0 days. Currently, 1.0% of the company's stock are sold short.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Synchronoss Technologies from a "hold" rating to a "buy" rating in a research note on Friday, March 14th.

Insider Transactions at Synchronoss Technologies

In other Synchronoss Technologies news, Director Laurie Harris sold 4,800 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $7.00, for a total transaction of $33,600.00. Following the transaction, the director now owns 47,632 shares of the company's stock, valued at $333,424. This trade represents a 9.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey George Miller sold 6,979 shares of Synchronoss Technologies stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $10.50, for a total value of $73,279.50. Following the completion of the transaction, the chief executive officer now owns 451,853 shares of the company's stock, valued at approximately $4,744,456.50. The trade was a 1.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,961 shares of company stock valued at $279,021. 19.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SNCR. Jane Street Group LLC bought a new stake in Synchronoss Technologies in the first quarter valued at $260,000. Goldman Sachs Group Inc. lifted its position in Synchronoss Technologies by 212.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,600 shares of the software maker's stock valued at $355,000 after purchasing an additional 22,160 shares during the last quarter. Ancora Advisors LLC boosted its stake in Synchronoss Technologies by 762.4% during the 1st quarter. Ancora Advisors LLC now owns 146,871 shares of the software maker's stock valued at $1,599,000 after purchasing an additional 129,840 shares during the period. Trexquant Investment LP boosted its stake in Synchronoss Technologies by 167.5% during the 1st quarter. Trexquant Investment LP now owns 48,001 shares of the software maker's stock valued at $523,000 after purchasing an additional 30,056 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in Synchronoss Technologies in the 1st quarter worth about $914,000. 51.71% of the stock is currently owned by institutional investors.

Synchronoss Technologies Stock Performance

Shares of NASDAQ:SNCR traded up $0.27 during trading on Friday, reaching $7.18. 38,292 shares of the company's stock traded hands, compared to its average volume of 82,879. The stock has a market capitalization of $82.50 million, a P/E ratio of -1.85 and a beta of 1.75. Synchronoss Technologies has a 12 month low of $6.31 and a 12 month high of $15.46. The company has a 50 day moving average of $8.89 and a 200-day moving average of $9.48. The company has a debt-to-equity ratio of 5.75, a current ratio of 1.88 and a quick ratio of 1.88.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) last issued its earnings results on Tuesday, March 11th. The software maker reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.75. The company had revenue of $44.21 million during the quarter, compared to the consensus estimate of $43.76 million. Synchronoss Technologies had a negative return on equity of 10.99% and a negative net margin of 20.00%. On average, equities analysts expect that Synchronoss Technologies will post 0.1 EPS for the current year.

Synchronoss Technologies Company Profile

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 offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.