How Synchronoss Technologies, Inc. (SNCR) Stacks Up Against Its Peers

Consequently, key hedge funds have jumped into Synchronoss Technologies, Inc. (NASDAQ:SNCR) headfirst. Shellback Capital initiated the biggest position in Synchronoss Technologies, Inc. (NASDAQ:SNCR). Gregg Moskowitz’s Interval Partners also made a $5.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Synchronoss Technologies, Inc. (NASDAQ:SNCR) but similarly valued. 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 valuations are similar to SNCR’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
DM 4 4142 4
HAE 16 112860 -1
CMC 16 146335 -2
KLXI 22 422767 -1

As you can see these stocks had an average of 14.5 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.

Disclosure: None