Here is What Hedge Funds Think About Synchronoss Technologies, Inc. (SNCR)

It’s worth mentioning that Carl Tiedemann and Michael Tiedemann’s TIG Advisors dropped the biggest stake of all the hedgies monitored by Insider Monkey, comprising about $21.6 million in stock, and Matthew Halbower’s Pentwater Capital Management was right behind this move, as the fund dropped about $1.8 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Synchronoss Technologies, Inc. (NASDAQ:SNCR) but similarly valued. These stocks are Greatbatch Inc (NYSE:GB), Concordia Healthcare Corp (NASDAQ:CXRX), Fidelity & Guaranty Life (NYSE:FGL), and Alder Biopharmaceuticals Inc (NASDAQ:ALDR). This group of stocks’ market caps are similar to SNCR’s market cap.

As you can see these stocks had an average of 17.5 hedge funds with bullish positions and the average amount invested in these stocks was $167 million. That figure was $97 million in SNCR’s case. Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is the most popular stock in this table. On the other hand Fidelity & Guaranty Life (NYSE:FGL) is the least popular one with only 11 bullish hedge fund positions. Synchronoss Technologies, Inc. (NASDAQ:SNCR) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ALDR might be a better candidate to consider a long position.