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

Synchronoss Technologies, Inc. (NASDAQ:SNCR - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 222,600 shares, an increase of 78.2% from the March 15th total of 124,900 shares. Approximately 2.2% of the shares of the company are sold short. Based on an average daily volume of 80,200 shares, the short-interest ratio is presently 2.8 days.

Synchronoss Technologies Price Performance

Shares of Synchronoss Technologies stock traded up $0.08 on Monday, hitting $9.84. The company had a trading volume of 46,843 shares, compared to its average volume of 76,029. Synchronoss Technologies has a 52 week low of $6.02 and a 52 week high of $15.46. The company has a market cap of $113.07 million, a PE ratio of -2.54 and a beta of 1.78. The business has a 50-day simple moving average of $10.18 and a 200-day simple moving average of $10.17. 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 posted its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.75. Synchronoss Technologies had a negative net margin of 20.00% and a negative return on equity of 10.99%. The firm had revenue of $44.21 million for the quarter, compared to analyst estimates of $43.76 million. Research analysts expect that Synchronoss Technologies will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at Synchronoss Technologies

In other news, CEO Jeffrey George Miller sold 17,389 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $10.34, for a total transaction of $179,802.26. Following the sale, the chief executive officer now directly owns 336,232 shares in the company, valued at approximately $3,476,638.88. This represents a 4.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Synchronoss Technologies

Hedge funds have recently made changes to their positions in the company. Barclays PLC lifted its position in Synchronoss Technologies by 603.6% in the 3rd quarter. Barclays PLC now owns 5,734 shares of the software maker's stock worth $85,000 after buying an additional 4,919 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new stake in Synchronoss Technologies in the 4th quarter valued at approximately $98,000. American Century Companies Inc. acquired a new stake in shares of Synchronoss Technologies in the fourth quarter worth $103,000. Integrated Quantitative Investments LLC bought a new position in shares of Synchronoss Technologies during the 4th quarter worth about $158,000. Finally, Ancora Advisors LLC bought a new position in Synchronoss Technologies during the fourth quarter valued at about $163,000. Hedge funds and other institutional investors own 51.71% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Synchronoss Technologies from a "hold" rating to a "buy" rating in a report on Friday, March 14th.

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