Short Interest in Synchronoss Technologies, Inc. (NASDAQ:SNCR) Declines By 17.6%

Synchronoss Technologies, Inc. (NASDAQ:SNCR - Get Free Report) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 128,700 shares, a decline of 17.6% from the September 30th total of 156,100 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average daily volume of 112,700 shares, the short-interest ratio is currently 1.1 days.

Synchronoss Technologies Price Performance

Synchronoss Technologies stock traded up $0.52 during mid-day trading on Monday, hitting $11.14. The stock had a trading volume of 42,353 shares, compared to its average volume of 85,138. The firm has a market capitalization of $120.53 million, a P/E ratio of -2.89 and a beta of 1.96. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 6.68. The firm's 50 day moving average is $12.97 and its 200 day moving average is $10.38. Synchronoss Technologies has a one year low of $2.70 and a one year high of $15.46.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.36 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.39. The business had revenue of $43.46 million for the quarter, compared to analysts' expectations of $43.09 million. Synchronoss Technologies had a negative net margin of 16.97% and a positive return on equity of 28.60%. On average, sell-side analysts forecast that Synchronoss Technologies will post 0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Lou Ferraro sold 5,768 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.60, for a total transaction of $78,444.80. Following the completion of the sale, the chief financial officer now owns 83,556 shares of the company's stock, valued at $1,136,361.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Patrick Joseph Doran sold 3,250 shares of the company's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.77, for a total value of $48,002.50. Following the completion of the transaction, the executive vice president now owns 107,483 shares of the company's stock, valued at approximately $1,587,523.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Lou Ferraro sold 5,768 shares of the company's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.60, for a total transaction of $78,444.80. Following the completion of the transaction, the chief financial officer now directly owns 83,556 shares of the company's stock, valued at $1,136,361.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 297,907 shares of company stock valued at $3,616,726. Company insiders own 17.90% of the company's stock.

Institutional Trading of Synchronoss Technologies

Several hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its stake in Synchronoss Technologies by 2.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 563,976 shares of the software maker's stock worth $8,395,000 after purchasing an additional 13,984 shares in the last quarter. AWM Investment Company Inc. raised its position in shares of Synchronoss Technologies by 8.5% during the 1st quarter. AWM Investment Company Inc. now owns 531,110 shares of the software maker's stock valued at $4,435,000 after buying an additional 41,824 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Synchronoss Technologies by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 78,974 shares of the software maker's stock valued at $734,000 after buying an additional 6,700 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Synchronoss Technologies by 40.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 70,504 shares of the software maker's stock valued at $654,000 after buying an additional 20,368 shares in the last quarter. Hedge funds and other institutional investors own 51.71% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Synchronoss Technologies from a "buy" rating to a "hold" rating in a report on Friday, August 16th.

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.