Synchronoss Technologies Inc. (SNCR) CEO Sells $531,050.00 in Stock
Synchronoss Technologies Inc. (NASDAQ:SNCR) CEO Stephen G. Waldis sold 13,000 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $40.85, for a total transaction of $531,050.00. Following the transaction, the chief executive officer now owns 450,110 shares of the company’s stock, valued at approximately $18,386,993.50. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of Synchronoss Technologies Inc. (NASDAQ:SNCR) opened at 40.27 on Friday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 682.54 and a beta of 2.15. Synchronoss Technologies Inc. has a 52-week low of $20.33 and a 52-week high of $43.65. The stock has a 50 day moving average of $41.47 and a 200-day moving average of $36.33.
Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.04. Synchronoss Technologies had a return on equity of 13.12% and a net margin of 0.52%. The business earned $161.49 million during the quarter, compared to analysts’ expectations of $156.99 million. During the same period in the previous year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities research analysts predict that Synchronoss Technologies Inc. will post $2.51 EPS for the current fiscal year.
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A number of analysts have commented on SNCR shares. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Drexel Hamilton reaffirmed a “buy” rating on shares of Synchronoss Technologies in a research note on Friday, June 10th. Zacks Investment Research lowered shares of Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th. Finally, Stephens started coverage on shares of Synchronoss Technologies in a research note on Wednesday, August 10th. They set an “overweight” rating and a $50.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Synchronoss Technologies has an average rating of “Buy” and an average target price of $47.44.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNCR. Nisa Investment Advisors L.L.C. boosted its position in Synchronoss Technologies by 71.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 12,500 shares of the company’s stock worth $404,000 after buying an additional 5,200 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Synchronoss Technologies by 4.5% in the first quarter. Prudential Financial Inc. now owns 96,037 shares of the company’s stock worth $3,106,000 after buying an additional 4,100 shares during the last quarter. BlackRock Inc. raised its stake in shares of Synchronoss Technologies by 19.0% in the first quarter. BlackRock Inc. now owns 3,095 shares of the company’s stock worth $100,000 after buying an additional 494 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Synchronoss Technologies by 40.1% in the first quarter. BlackRock Group LTD now owns 70,554 shares of the company’s stock worth $2,282,000 after buying an additional 20,192 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Synchronoss Technologies by 4.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,061,209 shares of the company’s stock worth $34,319,000 after buying an additional 48,351 shares during the last quarter. 81.27% of the stock is owned by institutional investors and hedge funds.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.
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