Roth Mkm Upgrades Synchronoss Technologies (NASDAQ:SNCR) to “Buy”

Roth Mkm upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a neutral rating to a buy rating in a research note released on Monday, Marketbeat reports. Roth Mkm currently has $13.00 price objective on the software maker’s stock, up from their previous price objective of $11.00.

Separately, StockNews.com cut Synchronoss Technologies from a “buy” rating to a “hold” rating in a research report on Friday, August 16th.

Synchronoss Technologies Stock Performance

Synchronoss Technologies stock opened at $9.56 on Monday. Synchronoss Technologies has a fifty-two week low of $3.55 and a fifty-two week high of $15.46. The firm’s 50 day simple moving average is $11.60 and its 200-day simple moving average is $10.85. The company has a debt-to-equity ratio of 5.75, a current ratio of 1.88 and a quick ratio of 1.88. The company has a market cap of $103.63 million, a P/E ratio of -2.46 and a beta of 1.99.

Insiders Place Their Bets

In other news, CFO Lou Ferraro sold 5,768 shares of Synchronoss Technologies stock in a transaction dated 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 sale, the chief financial officer now directly owns 83,556 shares in the company, valued at $1,136,361.60. The trade was a 6.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Francis Bernstein sold 6,036 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $14.14, for a total value of $85,349.04. Following the completion of the transaction, the director now owns 48,498 shares in the company, valued at $685,761.72. This represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,165 shares of company stock worth $513,165 in the last quarter. 17.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Synchronoss Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SNCR. Barclays PLC raised its stake in shares of Synchronoss Technologies by 603.6% in the 3rd quarter. Barclays PLC now owns 5,734 shares of the software maker’s stock valued at $85,000 after acquiring an additional 4,919 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Synchronoss Technologies in the third quarter worth $165,000. XTX Topco Ltd bought a new stake in shares of Synchronoss Technologies during the 3rd quarter worth $237,000. State Street Corp grew its stake in Synchronoss Technologies by 12.9% in the 3rd quarter. State Street Corp now owns 35,075 shares of the software maker’s stock valued at $522,000 after buying an additional 4,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Synchronoss Technologies by 40.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 70,504 shares of the software maker’s stock worth $654,000 after acquiring an additional 20,368 shares during the last quarter. Institutional investors and hedge funds own 51.71% of the company’s stock.

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.