United Services Automobile Association lowered its position in shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) by 31.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,300 shares of the software maker’s stock after selling 28,600 shares during the period. United Services Automobile Association owned 0.14% of Synchronoss Technologies worth $1,496,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue increased its stake in shares of Synchronoss Technologies by 4.0% in the first quarter. State of Alaska Department of Revenue now owns 4,720 shares of the software maker’s stock worth $115,000 after buying an additional 180 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in Synchronoss Technologies during the first quarter valued at $118,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Synchronoss Technologies by 5.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,965 shares of the software maker’s stock valued at $152,000 after buying an additional 197 shares during the period. Acrospire Investment Management LLC increased its stake in Synchronoss Technologies by 55,900.0% in the first quarter. Acrospire Investment Management LLC now owns 7,280 shares of the software maker’s stock valued at $178,000 after buying an additional 7,267 shares during the period. Finally, First Trust Advisors LP purchased a new stake in Synchronoss Technologies during the first quarter valued at $212,000. 93.58% of the stock is owned by hedge funds and other institutional investors.
Shares of Synchronoss Technologies, Inc. (NASDAQ SNCR) traded down 0.73% during mid-day trading on Friday, reaching $16.26. The company’s stock had a trading volume of 936,239 shares. The firm has a market capitalization of $715.16 million, a P/E ratio of 36.13 and a beta of 1.74. The company’s 50-day moving average is $14.19 and its 200 day moving average is $23.66. Synchronoss Technologies, Inc. has a 1-year low of $10.11 and a 1-year high of $49.94.
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SNCR has been the subject of several recent research reports. Deutsche Bank AG restated a “hold” rating and issued a $15.00 price objective (down from $35.00) on shares of Synchronoss Technologies in a report on Saturday, April 29th. ValuEngine lowered Synchronoss Technologies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company restated an “outperform” rating and set a $35.00 price target (down previously from $43.00) on shares of Synchronoss Technologies in a research note on Sunday, April 2nd. J P Morgan Chase & Co downgraded Synchronoss Technologies from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $65.00 to $27.00 in a report on Thursday, April 27th. Finally, Credit Suisse Group AG downgraded Synchronoss Technologies from a “neutral” rating to an “underperform” rating and set a $13.00 target price for the company. in a report on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $27.71.
In other Synchronoss Technologies news, major shareholder Silver Private Holdings I, Llc bought 1,357,383 shares of Synchronoss Technologies stock in a transaction dated Thursday, May 4th. The stock was bought at an average price of $15.89 per share, for a total transaction of $21,568,815.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is owned by corporate 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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