Washington Trust Co Lowers stake in Synchronoss Technologies (SNCR)

Synchronoss Technologies (SNCR) : Washington Trust Co reduced its stake in Synchronoss Technologies by 0.38% during the most recent quarter end. The investment management company now holds a total of 423,805 shares of Synchronoss Technologies which is valued at $17,469,242 after selling 1,613 shares in Synchronoss Technologies , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Synchronoss Technologies makes up approximately 1.13% of Washington Trust Co’s portfolio.

Other Hedge Funds, Including , Rhumbline Advisers boosted its stake in SNCR in the latest quarter, The investment management firm added 3,951 additional shares and now holds a total of 57,690 shares of Synchronoss Technologies which is valued at $2,377,982. Synchronoss Technologies makes up approx 0.01% of Rhumbline Advisers’s portfolio.Oxford Asset Management boosted its stake in SNCR in the latest quarter, The investment management firm added 30,300 additional shares and now holds a total of 184,148 shares of Synchronoss Technologies which is valued at $7,610,837. Synchronoss Technologies makes up approx 0.30% of Oxford Asset Management’s portfolio. Fox Run Management L.l.c. added SNCR to its portfolio by purchasing 18,400 company shares during the most recent quarter which is valued at $660,928. Synchronoss Technologies makes up approx 0.31% of Fox Run Management L.l.c.’s portfolio.

Synchronoss Technologies opened for trading at $40.88 and hit $41.315 on the upside on Tuesday, eventually ending the session at $40.85, with a gain of 0.47% or 0.19 points. The heightened volatility saw the trading volume jump to 1,71,307 shares. Company has a market cap of $1,844 M.

On the company’s financial health, Synchronoss Technologies reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.53. The company had revenue of $161.49 million for the quarter, compared to analysts expectations of $157.01 million. The company’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS.

Many Wall Street Analysts have commented on Synchronoss Technologies. Synchronoss Technologies was Initiated by Drexel Hamilton to “Buy” on Jun 1, 2016.

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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