Kennedy Capital Management Inc. cut its holdings in shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) by 41.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 367,289 shares of the software maker’s stock after selling 261,118 shares during the period. Kennedy Capital Management Inc. owned 0.77% of Synchronoss Technologies worth $3,284,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its position in shares of Synchronoss Technologies by 100.4% in the second quarter. Parametric Portfolio Associates LLC now owns 88,549 shares of the software maker’s stock worth $1,457,000 after acquiring an additional 44,352 shares during the period. State Street Corp raised its position in shares of Synchronoss Technologies by 8.1% in the second quarter. State Street Corp now owns 1,054,586 shares of the software maker’s stock worth $17,346,000 after acquiring an additional 78,729 shares during the period. Nationwide Fund Advisors raised its position in shares of Synchronoss Technologies by 86.8% in the third quarter. Nationwide Fund Advisors now owns 53,365 shares of the software maker’s stock worth $498,000 after acquiring an additional 24,800 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Synchronoss Technologies in the third quarter worth about $113,000. Finally, State of Wisconsin Investment Board raised its position in shares of Synchronoss Technologies by 108.5% in the third quarter. State of Wisconsin Investment Board now owns 679,010 shares of the software maker’s stock worth $6,335,000 after acquiring an additional 353,388 shares during the period. 81.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SNCR stock traded up $0.50 during trading hours on Wednesday, reaching $10.44. 338,778 shares of the company traded hands, compared to its average volume of 957,656. Synchronoss Technologies, Inc. has a 12-month low of $6.51 and a 12-month high of $26.14. The firm has a market cap of $478.95, a price-to-earnings ratio of 23.57 and a beta of 1.08.
A number of analysts have commented on SNCR shares. Credit Suisse Group reissued an “underperform” rating and issued a $8.00 price target (down previously from $13.00) on shares of Synchronoss Technologies in a research note on Thursday, December 7th. Deutsche Bank reaffirmed a “hold” rating and set a $8.00 price objective (down previously from $18.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. BidaskClub cut shares of Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 9th. Finally, Zacks Investment Research raised shares of Synchronoss Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $15.88.
In other news, Chairman Stephen G. Waldis sold 36,624 shares of Synchronoss Technologies stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $8.92, for a total value of $326,686.08. Following the sale, the chairman now owns 542,770 shares of the company’s stock, valued at $4,841,508.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ronald Prague sold 4,049 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $8.78, for a total transaction of $35,550.22. Following the sale, the insider now directly owns 90,388 shares in the company, valued at approximately $793,606.64. The disclosure for this sale can be found here. Insiders have sold a total of 98,776 shares of company stock worth $876,377 over the last three months. 10.50% of the stock is currently owned by insiders.
Synchronoss Technologies Company Profile
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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