Elk Creek Partners buys $46.4 Million stake in Synchronoss Technologies (SNCR)

Synchronoss Technologies (SNCR) : Elk Creek Partners scooped up 192,567 additional shares in Synchronoss Technologies during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,329,400 shares of Synchronoss Technologies which is valued at $46.4 Million.Synchronoss Technologies makes up approximately 3.51% of Elk Creek Partners’s portfolio.

Other Hedge Funds, Including , Geode Capital Management boosted its stake in SNCR in the latest quarter, The investment management firm added 80,856 additional shares and now holds a total of 335,625 shares of Synchronoss Technologies which is valued at $11.7 Million. Synchronoss Technologies makes up approx 0.01% of Geode Capital Management’s portfolio. Canada Pension Plan Investment Board added SNCR to its portfolio by purchasing 31,200 company shares during the most recent quarter which is valued at $1.1 Million. Jefferies Group sold out all of its stake in SNCR during the most recent quarter. The investment firm sold 16,942 shares of SNCR which is valued $591,276.Blackrock Fund Advisors reduced its stake in SNCR by selling 56,495 shares or 2.2% in the most recent quarter. The Hedge Fund company now holds 2,512,261 shares of SNCR which is valued at $87.7 Million. Synchronoss Technologies makes up approx 0.02% of Blackrock Fund Advisors’s portfolio.Schwab Charles Investment Management Inc boosted its stake in SNCR in the latest quarter, The investment management firm added 2,116 additional shares and now holds a total of 129,237 shares of Synchronoss Technologies which is valued at $4.5 Million. Synchronoss Technologies makes up approx 0.01% of Schwab Charles Investment Management Inc’s portfolio.

Synchronoss Technologies closed down -0.38 points or -1.05% at $35.64 with 2,32,103 shares getting traded on Wednesday. Post opening the session at $36.32, the shares hit an intraday low of $35.5464 and an intraday high of $36.33 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Synchronoss Technologies reported $0.49 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.46. The company had revenue of $145.57 million for the quarter, compared to analysts expectations of $144.25 million. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.

Many Wall Street Analysts have commented on Synchronoss Technologies. Company shares were Resumed by FBR Capital on Mar 15, 2016 to “Outperform”, Firm has raised the Price Target to $ 42 from a previous price target of $36 .

Synchronoss Technologies Inc. (Synchronoss) is a mobile innovation company that provides software-based cloud and activation solutions for connected devices to enterprise customers. The Company’s solutions include intelligent connectivity management and content synchronization backup and sharing service procurement provisioning activation and support that enable communications service providers (CSPs) cable operators/multi-services operators (MSOs) original equipment manufacturers (OEMs) with embedded connectivity multi-channel retailers and other customers. This includes automating subscriber activation order management upgrades service provisioning and connectivity and content management from any sales channel to any communication service (wireless or wireline) across any connected device type and managing the content transfer synchronization and share.

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