Should You Buy Synchronoss Technologies, Inc. (SNCR)?

As industrywide interest jumped, some big names have jumped into Synchronoss Technologies, Inc. (NASDAQ:SNCR) headfirst. Interval Partners also initiated a $5.2 million position during the quarter. The other funds with brand new SNCR positions are Ken Griffin’s Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s go over hedge fund activity in other stocks similar to Synchronoss Technologies, Inc. (NASDAQ:SNCR). We will take a look at The Dolan Company (NYSE:DM), Haemonetics Corporation (NYSE:HAE), Commercial Metals Company (NYSE:CMC), and KLX Inc (NASDAQ:KLXI). This group of stocks’ market caps match SNCR’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $172 million. That figure was $42 million in SNCR’s case. KLX Inc (NASDAQ:KLXI) is the most popular stock in this table. On the other hand The Dolan Company (NYSE:DM) is the least popular one with only 4 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 KLXI might be a better candidate to consider taking a long position in.

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Disclosure: None