FNY Managed Accounts LLC acquired a new stake in Synchronoss Technologies, Inc. (NASDAQ:SNCR) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,000 shares of the software maker’s stock, valued at approximately $149,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of Synchronoss Technologies during the 3rd quarter worth approximately $119,000. Russell Investments Group Ltd. boosted its stake in shares of Synchronoss Technologies by 46.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 74,822 shares of the software maker’s stock worth $698,000 after acquiring an additional 23,788 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Synchronoss Technologies by 60.2% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 16,180 shares of the software maker’s stock worth $151,000 after purchasing an additional 6,080 shares during the last quarter. Retirement Systems of Alabama raised its position in shares of Synchronoss Technologies by 183.7% during the 3rd quarter. Retirement Systems of Alabama now owns 270,247 shares of the software maker’s stock worth $2,521,000 after purchasing an additional 175,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Synchronoss Technologies by 60.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,111 shares of the software maker’s stock worth $206,000 after purchasing an additional 8,316 shares during the last quarter. 69.26% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on SNCR. BidaskClub upgraded Synchronoss Technologies from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 17th. Citigroup Inc. boosted their price target on Synchronoss Technologies to $10.00 and gave the company a “hold” rating in a report on Wednesday, September 20th. Stifel Nicolaus reiterated a “hold” rating and issued a $10.00 price target (down from $16.00) on shares of Synchronoss Technologies in a report on Wednesday, September 20th. Deutsche Bank AG reiterated a “hold” rating and issued a $18.00 price target (up from $10.00) on shares of Synchronoss Technologies in a report on Monday, October 9th. Finally, Raymond James Financial, Inc. downgraded Synchronoss Technologies from an “outperform” rating to an “underperform” rating and set a $18.00 price target for the company. in a report on Tuesday, September 19th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Synchronoss Technologies presently has a consensus rating of “Hold” and a consensus price target of $18.71.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) traded down $0.12 during mid-day trading on Monday, hitting $11.13. The stock had a trading volume of 171,700 shares, compared to its average volume of 1,507,749. The firm has a market cap of $528.84, a P/E ratio of 7.68 and a beta of 1.62. Synchronoss Technologies, Inc. has a 1-year low of $8.71 and a 1-year high of $49.94.
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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.
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