ValuEngine upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a report published on Thursday morning.
SNCR has been the subject of several other research reports. Stifel Nicolaus downgraded Synchronoss Technologies from a hold rating to a sell rating and cut their price target for the company from $8.00 to $3.00 in a report on Monday, July 30th. TheStreet downgraded Synchronoss Technologies from a c- rating to a d rating in a report on Monday, October 1st. Finally, Zacks Investment Research raised Synchronoss Technologies from a sell rating to a hold rating in a report on Saturday, September 29th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $7.75.
Synchronoss Technologies stock traded up $0.02 during mid-day trading on Thursday, hitting $6.22. 1,300 shares of the company’s stock traded hands, compared to its average volume of 266,957. Synchronoss Technologies has a fifty-two week low of $3.90 and a fifty-two week high of $12.12. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.70.
Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Thursday, August 9th. The software maker reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.02. Synchronoss Technologies had a negative return on equity of 44.98% and a negative net margin of 32.26%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $78.00 million. Sell-side analysts predict that Synchronoss Technologies will post -2.77 EPS for the current year.
In other news, Director William J. Cadogan bought 56,348 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was bought at an average price of $5.17 per share, with a total value of $291,319.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Cadogan bought 96,152 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were purchased at an average cost of $5.87 per share, with a total value of $564,412.24. The disclosure for this purchase can be found here. Insiders have bought 200,000 shares of company stock valued at $1,130,281 in the last three months. Insiders own 34.90% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA acquired a new stake in shares of Synchronoss Technologies during the first quarter worth $152,000. FNY Investment Advisers LLC acquired a new stake in shares of Synchronoss Technologies during the third quarter worth $171,000. Jane Street Group LLC acquired a new stake in shares of Synchronoss Technologies during the first quarter worth $353,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Synchronoss Technologies during the second quarter worth $258,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Synchronoss Technologies by 58.8% during the first quarter. California Public Employees Retirement System now owns 73,692 shares of the software maker’s stock worth $777,000 after buying an additional 27,292 shares in the last quarter. 13.32% of the stock is owned by institutional investors.
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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