Millennium Management LLC Lowers Stake in Synchronoss Technologies, Inc. (NASDAQ:SNCR)

Millennium Management LLC cut its holdings in shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) by 54.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 15,756 shares of the software maker’s stock after selling 19,205 shares during the period. Millennium Management LLC’s holdings in Synchronoss Technologies were worth $151,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management purchased a new position in Synchronoss Technologies during the fourth quarter worth approximately $400,000. Marshall Wace LLP raised its stake in shares of Synchronoss Technologies by 55.3% during the 4th quarter. Marshall Wace LLP now owns 80,166 shares of the software maker’s stock worth $770,000 after buying an additional 28,551 shares during the period. Trexquant Investment LP acquired a new position in shares of Synchronoss Technologies during the 4th quarter worth approximately $172,000. Ancora Advisors LLC purchased a new position in shares of Synchronoss Technologies during the 4th quarter valued at approximately $163,000. Finally, Integrated Quantitative Investments LLC acquired a new stake in Synchronoss Technologies in the 4th quarter valued at $158,000. Hedge funds and other institutional investors own 51.71% of the company’s stock.

Insider Buying and Selling

In other Synchronoss Technologies news, CEO Jeffrey George Miller sold 6,289 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $10.22, for a total value of $64,273.58. Following the completion of the sale, the chief executive officer now owns 445,564 shares in the company, valued at approximately $4,553,664.08. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Laurie Harris sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $7.00, for a total transaction of $33,600.00. Following the completion of the transaction, the director now directly owns 47,632 shares in the company, valued at $333,424. This trade represents a 9.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,878 shares of company stock worth $390,835. 19.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Synchronoss Technologies from a “hold” rating to a “buy” rating in a research report on Friday, March 14th.

Synchronoss Technologies Trading Down 2.8%

Shares of Synchronoss Technologies stock opened at $6.96 on Friday. Synchronoss Technologies, Inc. has a twelve month low of $6.31 and a twelve month high of $15.46. The firm’s 50-day moving average price is $8.54 and its 200 day moving average price is $9.41. 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 firm has a market capitalization of $80.03 million, a PE ratio of -1.79 and a beta of 1.75.

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

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.