Concourse Capital Management LLC lowered its position in Synchronoss Technologies Inc. (NASDAQ:SNCR) by 65.8% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 13,619 shares of the company’s stock after selling 26,170 shares during the period. Concourse Capital Management LLC’s holdings in Synchronoss Technologies were worth $434,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in SNCR. BlackRock Inc. boosted its position in Synchronoss Technologies by 19.0% in the first quarter. BlackRock Inc. now owns 3,095 shares of the company’s stock worth $100,000 after buying an additional 494 shares in the last quarter. Wedbush Securities Inc. boosted its position in Synchronoss Technologies by 10.2% in the second quarter. Wedbush Securities Inc. now owns 7,314 shares of the company’s stock worth $233,000 after buying an additional 677 shares in the last quarter. Bank of Montreal Can bought a new position in Synchronoss Technologies during the second quarter worth about $250,000. Beacon Financial Group bought a new position in Synchronoss Technologies during the second quarter worth about $304,000. Finally, BNP Paribas Arbitrage SA boosted its position in Synchronoss Technologies by 119.2% in the second quarter. BNP Paribas Arbitrage SA now owns 12,611 shares of the company’s stock worth $402,000 after buying an additional 6,857 shares in the last quarter. Institutional investors and hedge funds own 81.21% of the company’s stock.
Shares of Synchronoss Technologies Inc. (NASDAQ:SNCR) traded up 1.01% during trading on Friday, reaching $37.01. 216,164 shares of the company’s stock traded hands. The company’s 50-day moving average is $39.84 and its 200 day moving average is $36.95. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 627.29 and a beta of 2.15. Synchronoss Technologies Inc. has a 52-week low of $20.33 and a 52-week high of $43.65.
Synchronoss Technologies (NASDAQ:SNCR) last posted its earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.04. The firm earned $161.49 million during the quarter, compared to the consensus estimate of $156.99 million. Synchronoss Technologies had a net margin of 0.52% and a return on equity of 13.12%. The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the company earned $0.56 earnings per share. Equities analysts forecast that Synchronoss Technologies Inc. will post $2.51 EPS for the current year.
SNCR has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 7th. Stephens initiated coverage on shares of Synchronoss Technologies in a research report on Wednesday, August 10th. They set an “overweight” rating and a $50.00 price objective for the company. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $48.57.
In other news, Director Donnie Moore sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $40.63, for a total value of $223,465.00. Following the completion of the transaction, the director now directly owns 29,092 shares in the company, valued at $1,182,007.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Karen Rosenberger sold 755 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $40.86, for a total transaction of $30,849.30. Following the completion of the transaction, the chief financial officer now owns 44,219 shares of the company’s stock, valued at $1,806,788.34. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by insiders.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.