Millrace Asset Group Inc. Invests $1.44 Million in Synchronoss Technologies, Inc. (NASDAQ:SNCR)

Millrace Asset Group Inc. purchased a new position in Synchronoss Technologies, Inc. (NASDAQ:SNCR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 401,715 shares of the software maker’s stock, valued at approximately $1,442,000. Millrace Asset Group Inc. owned about 0.91% of Synchronoss Technologies at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Santa Monica Partners LP purchased a new position in shares of Synchronoss Technologies in the second quarter worth $36,000. Diversified Trust Co purchased a new stake in Synchronoss Technologies during the first quarter valued at $41,000. Susquehanna Fundamental Investments LLC purchased a new stake in Synchronoss Technologies during the second quarter valued at $52,000. Cubist Systematic Strategies LLC purchased a new stake in Synchronoss Technologies during the first quarter valued at $62,000. Finally, PDT Partners LLC purchased a new stake in Synchronoss Technologies during the first quarter valued at $63,000. Hedge funds and other institutional investors own 51.53% of the company’s stock.

In related news, CFO David D. Clark sold 19,039 shares of the stock in a transaction that occurred on Thursday, July 8th. The stock was sold at an average price of $3.07, for a total transaction of $58,449.73. Following the completion of the transaction, the chief financial officer now directly owns 293,550 shares of the company’s stock, valued at $901,198.50. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 21,377 shares of company stock valued at $65,345. 30.70% of the stock is owned by corporate insiders.

Shares of NASDAQ SNCR traded down $0.02 during mid-day trading on Tuesday, reaching $2.39. The company’s stock had a trading volume of 6,783 shares, compared to its average volume of 843,254. The firm has a market capitalization of $210.59 million, a PE ratio of -1.43 and a beta of 0.96. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a fifty day moving average of $2.69 and a two-hundred day moving average of $3.11. Synchronoss Technologies, Inc. has a 52 week low of $2.15 and a 52 week high of $6.59.

Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings data on Monday, August 9th. The software maker reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The firm had revenue of $71.53 million during the quarter, compared to analyst estimates of $66.49 million. Synchronoss Technologies had a negative return on equity of 14.98% and a negative net margin of 7.57%. Analysts anticipate that Synchronoss Technologies, Inc. will post -0.74 EPS for the current fiscal year.

A number of analysts recently commented on the company. Northland Securities assumed coverage on Synchronoss Technologies in a research report on Friday, July 2nd. They set a “buy” rating and a $6.50 price objective for the company. LADENBURG THALM/SH SH reissued a “buy” rating and set a $7.40 price target on shares of Synchronoss Technologies in a report on Wednesday, June 23rd. Roth Capital lowered Synchronoss Technologies from a “buy” rating to a “neutral” rating and cut their price target for the company from $9.00 to $3.00 in a report on Tuesday, August 10th. Zacks Investment Research lowered Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 28th. Finally, B. Riley began coverage on Synchronoss Technologies in a report on Wednesday, June 30th. They set a “buy” rating and a $5.25 price target for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Synchronoss Technologies has a consensus rating of “Buy” and a consensus target price of $5.53.

About Synchronoss Technologies

Synchronoss Technologies, Inc engages in the provision of cloud and enterprise solutions. The firm offers software-based activation for connected devices globally. Its platform includes cloud home, personal cloud content transfer and out-of-box experience, advance messaging and email suite, journey creation and advisor, digital coach, digital portal, activation, Internet of Things (IoT), and smart buildings.

Read More: Hold Rating

Institutional Ownership by Quarter for Synchronoss Technologies (NASDAQ:SNCR)

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