Zacks Investment Research upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a report published on Friday. They currently have $6.50 price objective on the software maker’s stock.
According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “
Several other brokerages have also commented on SNCR. TheStreet lowered Synchronoss Technologies from a c- rating to a d rating in a research note on Monday, October 1st. Stifel Nicolaus lowered Synchronoss Technologies from a hold rating to a sell rating and decreased their price target for the company from $8.00 to $3.00 in a research note on Monday, July 30th. Finally, ValuEngine upgraded Synchronoss Technologies from a hold rating to a buy rating in a research report on Thursday, November 1st. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $6.38.
SNCR stock traded up $0.14 during trading on Friday, hitting $6.03. The company had a trading volume of 350,494 shares, compared to its average volume of 289,765. The company has a quick ratio of 3.41, a current ratio of 0.99 and a debt-to-equity ratio of 0.03. Synchronoss Technologies has a fifty-two week low of $3.90 and a fifty-two week high of $12.12.
Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Wednesday, November 7th. The software maker reported ($1.00) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.53) by ($0.47). The company had revenue of $83.30 million during the quarter, compared to analyst estimates of $83.00 million. Synchronoss Technologies had a negative net margin of 36.27% and a negative return on equity of 48.08%. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities research analysts expect that Synchronoss Technologies will post -2.62 EPS for the current fiscal year.
In other Synchronoss Technologies news, Director William J. Cadogan acquired 96,152 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was purchased at an average price of $5.87 per share, for a total transaction of $564,412.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William J. Cadogan acquired 47,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was acquired at an average price of $5.78 per share, with a total value of $274,550.00. The disclosure for this purchase can be found here. Insiders own 34.90% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new stake in shares of Synchronoss Technologies during the second quarter worth $258,000. FNY Investment Advisers LLC bought a new stake in shares of Synchronoss Technologies during the third quarter worth $171,000. Finally, Principal Financial Group Inc. raised its position in shares of Synchronoss Technologies by 2.4% during the first quarter. Principal Financial Group Inc. now owns 335,057 shares of the software maker’s stock worth $3,535,000 after acquiring an additional 7,946 shares during the last quarter. Hedge funds and other institutional investors own 13.32% of the company’s stock.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of things platforms, products, and solutions worldwide. Its products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.
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