Synchronoss Technologies (SNCR) Rose on Acquisition News

180 Degree Capital Corp., an investment management firm, recently released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund performed well in a challenging and bear market for microcap funds and was able to gain a +5.7% gross total return for the first quarter of 2023. The Russell Microcap Index returned a -2.9% for the same quarter. The gross total return of the fund since inception in 2017 was +243.6% compared to 31.8% return for the Index. The consumer discretionary, industrials, and information technology sectors were the positive contributors while the communication services sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

180 Degree Capital Corp. highlighted stocks like Synchronoss Technologies, Inc. (NASDAQ:SNCR) in the first quarter 2023 investor letter. Based in Bridgewater, New Jersey, Synchronoss Technologies, Inc. (NASDAQ:SNCR) provides cloud and enterprise solutions. On June 5, 2023, Synchronoss Technologies, Inc. (NASDAQ:SNCR) stock closed at $1.03 per share. One-month return of Synchronoss Technologies, Inc. (NASDAQ:SNCR) was 18.94%, and its shares lost 32.68% of their value over the last 52 weeks. Synchronoss Technologies, Inc. (NASDAQ:SNCR) has a market capitalization of $96.295 million.

180 Degree Capital Corp. made the following comment about Synchronoss Technologies, Inc. (NASDAQ:SNCR) in its Q1 2023 investor letter:

“Synchronoss Technologies, Inc. (NASDAQ:SNCR): SNCR’s stock started off 2023 increasing materially from its 2022 lows to over $1 per share before declining to $0.83 per share following its Q4 2022 earnings report that was below estimates. Subsequent to the earnings report, B. Riley Financial publicly issued a non-binding letter of intent to acquire SNCR for $1.15 per share. Diligence remained ongoing as of the end of Q1 2023. For the quarter, SNCR increased NAV by $0.17 per share, or $1.8 million.”

Synchronoss Technologies, Inc. (NASDAQ:SNCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held Synchronoss Technologies, Inc. (NASDAQ:SNCR) at the end of first quarter 2023 which was 7 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.