Synchronoss Technologies, Inc. (NASDAQ:SNCR) major shareholder Silver Private Holdings I, Llc purchased 1,357,383 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were bought at an average price of $15.89 per share, for a total transaction of $21,568,815.87. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) traded up 1.45% on Friday, hitting $13.60. 328,786 shares of the stock traded hands. Synchronoss Technologies, Inc. has a 12-month low of $11.15 and a 12-month high of $49.94. The company’s 50 day moving average price is $20.10 and its 200-day moving average price is $32.82. The stock has a market capitalization of $598.17 million, a P/E ratio of 30.22 and a beta of 2.28.
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Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Synchronoss Technologies by 155,453.2% in the first quarter. BlackRock Inc. now owns 5,134,811 shares of the software maker’s stock valued at $125,291,000 after buying an additional 5,131,510 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Synchronoss Technologies by 48.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,817,388 shares of the software maker’s stock worth $44,345,000 after buying an additional 596,051 shares in the last quarter. Elk Creek Partners LLC increased its stake in Synchronoss Technologies by 35.9% in the first quarter. Elk Creek Partners LLC now owns 2,094,039 shares of the software maker’s stock worth $51,095,000 after buying an additional 553,072 shares in the last quarter. Renaissance Technologies LLC increased its stake in Synchronoss Technologies by 638.0% in the first quarter. Renaissance Technologies LLC now owns 543,900 shares of the software maker’s stock worth $13,271,000 after buying an additional 470,200 shares in the last quarter. Finally, Rubric Capital Management LP purchased a new stake in Synchronoss Technologies during the first quarter worth $9,760,000. 84.24% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on SNCR shares. Zacks Investment Research downgraded shares of Synchronoss Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, April 12th. Raymond James Financial, Inc. cut shares of Synchronoss Technologies from a “strong-buy” rating to an “outperform” rating in a research note on Monday, May 1st. Stifel Nicolaus lowered their price objective on shares of Synchronoss Technologies from $32.00 to $10.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. JPMorgan Chase & Co. cut shares of Synchronoss Technologies from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $65.00 to $27.00 in a research note on Thursday, April 27th. Finally, Wells Fargo & Co cut shares of Synchronoss Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $29.50.
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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