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

Synchronoss Technologies (NASDAQ:SNCR) was upgraded by equities research analysts at Roth Mkm from a “neutral” rating to a “buy” rating in a report released on Monday, MarketBeat Ratings reports. The brokerage presently has a $13.00 price target on the software maker’s stock, up from their previous price target of $11.00. Roth Mkm’s price target points to a potential upside of 38.15% from the stock’s current price.

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

Synchronoss Technologies Stock Performance

Shares of SNCR stock opened at $9.41 on Monday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 5.75. The stock has a 50 day simple moving average of $11.60 and a 200-day simple moving average of $10.85. The company has a market cap of $102.00 million, a price-to-earnings ratio of -2.37 and a beta of 1.99. Synchronoss Technologies has a 12-month low of $3.55 and a 12-month high of $15.46.

Insider Buying and Selling at Synchronoss Technologies

In other Synchronoss Technologies news, CEO Jeffrey George Miller sold 12,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $13.50, for a total value of $162,000.00. Following the sale, the chief executive officer now owns 284,462 shares of the company’s stock, valued at approximately $3,840,237. This represents a 4.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Martin Francis Bernstein sold 6,036 shares of Synchronoss Technologies stock in a transaction 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 transaction, the director now directly owns 48,498 shares of the company’s stock, valued at $685,761.72. This trade represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,165 shares of company stock valued at $513,165. Corporate insiders own 17.90% of the company’s stock.

Institutional Trading of Synchronoss Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC increased its stake in shares of Synchronoss Technologies by 603.6% during the 3rd quarter. Barclays PLC now owns 5,734 shares of the software maker’s stock worth $85,000 after purchasing an additional 4,919 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Synchronoss Technologies during the 3rd quarter valued at $165,000. XTX Topco Ltd purchased a new position in Synchronoss Technologies during the third quarter worth $237,000. State Street Corp raised its holdings in shares of Synchronoss Technologies by 12.9% in the third quarter. State Street Corp now owns 35,075 shares of the software maker’s stock worth $522,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Synchronoss Technologies by 40.6% in the second quarter. Dimensional Fund Advisors LP now owns 70,504 shares of the software maker’s stock valued at $654,000 after acquiring an additional 20,368 shares in the last quarter. Hedge funds and other institutional investors 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.