Synchronoss Technologies (NASDAQ:SNCR) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Synchronoss Technologies, Inc. (NASDAQ:SNCR)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $10.15 and traded as high as $11.04. Synchronoss Technologies shares last traded at $10.51, with a volume of 38,839 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Synchronoss Technologies from a “hold” rating to a “buy” rating in a report on Friday, March 14th.

Synchronoss Technologies Stock Performance

The business’s 50-day simple moving average is $10.19 and its two-hundred day simple moving average is $10.15. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 5.75. The firm has a market cap of $120.77 million, a price-to-earnings ratio of -2.71 and a beta of 1.78.

Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.75. Synchronoss Technologies had a negative return on equity of 10.99% and a negative net margin of 20.00%. The company had revenue of $44.21 million for the quarter, compared to the consensus estimate of $43.76 million. As a group, sell-side analysts expect that Synchronoss Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Activity at Synchronoss Technologies

In other Synchronoss Technologies news, CEO Jeffrey George Miller sold 17,389 shares of Synchronoss Technologies stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $10.34, for a total transaction of $179,802.26. Following the sale, the chief executive officer now owns 336,232 shares of the company’s stock, valued at $3,476,638.88. The trade was a 4.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synchronoss Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Synchronoss Technologies by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 106,408 shares of the software maker’s stock worth $1,022,000 after purchasing an additional 1,851 shares in the last quarter. State Street Corp lifted its position in Synchronoss Technologies by 12.9% during the third quarter. State Street Corp now owns 35,075 shares of the software maker’s stock worth $522,000 after buying an additional 4,000 shares in the last quarter. Barclays PLC boosted its stake in Synchronoss Technologies by 603.6% during the third quarter. Barclays PLC now owns 5,734 shares of the software maker’s stock worth $85,000 after buying an additional 4,919 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Synchronoss Technologies by 9.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 80,633 shares of the software maker’s stock valued at $774,000 after buying an additional 7,171 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Synchronoss Technologies in the 4th quarter worth $98,000. 51.71% of the stock is currently owned by institutional investors and hedge funds.

Synchronoss Technologies Company Profile

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.