Synchronoss (NASDAQ:SNCR) Stock Soars to Two Month High after NewBay Acquisition – SNCR, DOX, EVOL, ASIA

Synchronoss Technologies, Inc (NASDAQ:SNCR) stock hiked 3.32% as the company reported after the close Thursday that it has purchased NewBay, a wholly owned subsidiary of Research In Motion Limited (USA) (NASDAQ:RIMM) for $55.5 million in cash.

Shares of Bridgewater Township, New Jersey based company moved up sharply in the primary half hour of trade on Friday. Shares of the company closed up by 0.68 at $21.17 and marked the record high level in more than a 2-month high level.

NewBay’s software permits users to store, share and access digital content across any gadget connected to the Internet. Synchronoss assists firms to manage the activation, synchronization and management of connected gadgets.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Amdocs Limited (NYSE:DOX) fell -0.62% to settle at $33.61, Evolving Systems, Inc. (NASDAQ:EVOL) moved down -1.46% to end at $6.07 while AsiaInfo-Linkage, Inc. (NASDAQ:ASIA) jumped +1.42% to finish at $10.75 on Friday.

Synchronoss Technologies, Inc. (NASDAQ:SNCR) on Dec 28, 2012 increased +3.32% to the closing price of $21.17. The overall volume in the last trading session was 410,905 shares. Its fifty two weeks range was $16.89 – $38.90. The total market capitalization remained at $820.27 million.

SNCR is ahead of its 52-week low with 25.34% and lagging behind from its 52-week high price with -45.58%. SNCR’s last month’s stock price volatility remained 2.64%. In its share capital SNCR has 38.75 million outstanding shares, among them 32.41 million shares have been floated in market exchange. SNCR’s stock’s institutional ownership remained 82.56% while insider ownership included 0.84%.

The stock price of SNCR is moving forward from its 20 days moving average with 7.51% and remote positively from 50 days moving average with 8.75%. SNCR’s current year’s earnings per share experienced an addition with 267.05% while its current quarter performance remained at -8.59%. Company’s beta coefficient included 1.61. Beta factors measure the amount of market risk associated with market trade.

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