Is Synchronoss Technologies, Inc. (NASDAQ:SNCR) a buy here? Money managers are getting more bullish. The number of bullish hedge fund positions moved up by 8 in recent months.
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Consequently, we’re going to take a peek at the recent action regarding Synchronoss Technologies, Inc. (NASDAQ:SNCR).
How have hedgies been trading Synchronoss Technologies, Inc. (NASDAQ:SNCR)?
Heading into Q2, a total of 15 of the hedge funds we track held long positions in this stock, a change of 114% from the first quarter. With the smart money’s sentiment swirling, there exists a few key hedge fund managers who were boosting their holdings meaningfully.
According to our comprehensive database, Adage Capital Management, managed by Phill Gross and Robert Atchinson, holds the most valuable position in Synchronoss Technologies, Inc. (NASDAQ:SNCR). Adage Capital Management has a $52.3 million position in the stock, comprising 0.2% of its 13F portfolio. The second largest stake is held by Harvest Capital Strategies, managed by Joseph A. Jolson, which held a $13.2 million position; 1% of its 13F portfolio is allocated to the stock. Other hedgies that are bullish include Mark N. Diker’s Diker Management, Dennis Leibowitz’s Act II Capital and Ken Griffin’s Citadel Investment Group.
As industrywide interest jumped, key hedge funds were leading the bulls’ herd. Act II Capital, managed by Dennis Leibowitz, assembled the largest position in Synchronoss Technologies, Inc. (NASDAQ:SNCR). Act II Capital had 6.1 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also initiated a $1.4 million position during the quarter. The other funds with brand new SNCR positions are Israel Englander’s Millennium Management, Peter A. Wright’s P.A.W. CAPITAL PARTNERS, and Steve Shapiro’s Intrepid Capital Management Inc DE.
How are insiders trading Synchronoss Technologies, Inc. (NASDAQ:SNCR)?
Insider trading activity, especially when it’s bullish, is best served when the company in question has experienced transactions within the past 180 days. Over the last half-year time frame, Synchronoss Technologies, Inc. (NASDAQ:SNCR) has experienced zero unique insiders purchasing, and 8 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Synchronoss Technologies, Inc. (NASDAQ:SNCR). These stocks are Manhattan Associates, Inc. (NASDAQ:MANH), Jive Software Inc (NASDAQ:JIVE), Advent Software, Inc. (NASDAQ:ADVS), Progress Software Corporation (NASDAQ:PRGS), and NIC Inc. (NASDAQ:EGOV). This group of stocks are the members of the application software industry and their market caps are closest to SNCR’s market cap.