Synchronoss Technologies Inc. (SNCR) Receives Average Recommendation of “Buy” from Brokerages
Shares of Synchronoss Technologies Inc. (NASDAQ:SNCR) have been given an average rating of “Buy” by the eleven research firms that are covering the firm. Two analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $45.80.
A number of research firms recently issued reports on SNCR. Zacks Investment Research upgraded Synchronoss Technologies from a “hold” rating to a “strong-buy” rating and set a $47.00 price objective for the company in a research report on Tuesday, August 9th. Stephens began coverage on Synchronoss Technologies in a research report on Wednesday, August 10th. They set an “overweight” rating and a $50.00 price objective for the company.
In other news, Director Donnie Moore sold 5,500 shares of the business’s stock in a transaction on Wednesday, October 12th. The stock was sold at an average price of $39.38, for a total value of $216,590.00. Following the sale, the director now owns 25,592 shares of the company’s stock, valued at approximately $1,007,812.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen G. Waldis sold 13,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $40.61, for a total value of $527,930.00. Following the completion of the sale, the chief executive officer now directly owns 476,110 shares in the company, valued at approximately $19,334,827.10. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.
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Several hedge funds have recently bought and sold shares of SNCR. BlackRock Inc. increased its stake in 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 in the last quarter. PineBridge Investments L.P. increased its stake in Synchronoss Technologies by 4.5% in the second quarter. PineBridge Investments L.P. now owns 5,104 shares of the company’s stock worth $163,000 after buying an additional 221 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Synchronoss Technologies by 100.1% in the second quarter. Advisors Asset Management Inc. now owns 5,277 shares of the company’s stock worth $168,000 after buying an additional 2,640 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in Synchronoss Technologies during the second quarter worth approximately $172,000. Finally, Teacher Retirement System of Texas increased its stake in Synchronoss Technologies by 22.7% in the second quarter. Teacher Retirement System of Texas now owns 5,653 shares of the company’s stock worth $180,000 after buying an additional 1,047 shares in the last quarter. 81.21% of the stock is currently owned by institutional investors.
Shares of Synchronoss Technologies (NASDAQ:SNCR) traded up 0.46% on Tuesday, hitting $36.95. The stock had a trading volume of 169,134 shares. The company’s 50-day moving average price is $41.09 and its 200 day moving average price is $36.67. The firm has a market cap of $1.60 billion, a P/E ratio of 626.27 and a beta of 2.15. Synchronoss Technologies has a 12-month low of $20.33 and a 12-month high of $43.65.
Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings data 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 analyst estimates of $156.99 million. During the same quarter in the previous year, the firm posted $0.56 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities research analysts forecast that Synchronoss Technologies will post $2.51 earnings per share for the current fiscal year.
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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