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Synchronoss Technologies director Laurie Harris sells shares worth over $31,000

Published 05/02/2024, 06:00 AM
Updated 05/02/2024, 06:02 AM

Director Laurie Harris of Synchronoss Technologies Inc. (NASDAQ:SNCR), a company specializing in cloud, messaging, and digital solutions, has sold a portion of her holdings in the company. On April 29, 2024, Harris sold 4,809 shares at an average price of $6.45, netting a total of $31,018. This sale was part of an approved trading plan and was conducted to cover tax obligations associated with the vesting of restricted stock.

Earlier in the month, on April 9, Harris acquired 12,000 shares of Synchronoss Technologies common stock at $8 per share, amounting to a total transaction value of $96,000. The shares were granted as restricted stock under the company's 2015 Equity Incentive Plan and are set to vest fully on May 30, 2025, contingent on Harris's continued service with the company until the vesting date.

Following the reported transactions, Harris's total direct ownership in Synchronoss Technologies stands at 42,319 shares. The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, with the late reporting of the April 9 acquisition attributed to an inadvertent administrative error.

Investors often monitor insider buying and selling as it provides insights into executives' perspectives on the company's current valuation and future prospects. Synchronoss Technologies continues to be a key player in its industry, and the transactions by a company director can be an indicator of confidence or strategic financial planning.

The company's shares are publicly traded on the NASDAQ under the ticker symbol SNCR. Synchronoss Technologies is headquartered in Bridgewater, New Jersey, and offers a range of services within the computer programming sector.

InvestingPro Insights

As investors digest the recent insider transactions at Synchronoss Technologies Inc. (NASDAQ:SNCR), examining the company through the lens of InvestingPro provides additional context to these activities. Director Laurie Harris's sale and acquisition of shares come at a time when the company's financial metrics and market performance present a mixed picture.

One notable InvestingPro Tip is that the Relative Strength Index (RSI) suggests the stock is currently in oversold territory. This could indicate that the stock is undervalued or due for a rebound, potentially aligning with Harris's decision to acquire shares earlier in the month. Additionally, InvestingPro highlights that the company's valuation implies a strong free cash flow yield, which may appeal to investors looking for potential value opportunities.

From a data perspective, Synchronoss Technologies has a market capitalization of 63.36M USD, reflecting its size within the technology sector. Despite challenges, the company maintains a high gross profit margin of 74.29% for the last twelve months as of Q1 2023. However, the revenue has seen a decline of 5.5% during the same period, and the stock has experienced significant price volatility, with a 22.1% decrease in the 1-month price total return as of the latest available data.

For those considering a deeper dive into Synchronoss Technologies, there are additional InvestingPro Tips available, including insights on earnings revisions, profitability expectations, and stock price performance. Access to these tips can be found at InvestingPro, and by using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 12 additional InvestingPro Tips available for Synchronoss Technologies, providing a comprehensive analysis for informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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