Synchronoss Technologies, Inc. (SNCR) Receives Consensus Rating of “Hold” from Analysts
Shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) have been given a consensus recommendation of “Hold” by the ten brokerages that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $23.00.
Several equities analysts have issued reports on SNCR shares. Deutsche Bank AG reiterated a “hold” rating and set a $15.00 target price (down previously from $35.00) on shares of Synchronoss Technologies in a research report on Saturday, April 29th. ValuEngine lowered Synchronoss Technologies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company reissued an “outperform” rating and set a $35.00 price target (down previously from $43.00) on shares of Synchronoss Technologies in a research note on Sunday, April 2nd. J P Morgan Chase & Co lowered Synchronoss Technologies from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $65.00 to $27.00 in a research note on Thursday, April 27th. Finally, Credit Suisse Group lowered Synchronoss Technologies from a “neutral” rating to an “underperform” rating and set a $13.00 price target on the stock. in a research note on Monday, May 22nd.
In related news, major shareholder Silver Private Holdings I, Llc bought 1,357,383 shares of Synchronoss Technologies stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average price of $15.89 per share, with a total value of $21,568,815.87. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Garcia sold 1,695 shares of the company’s stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $25.66, for a total value of $43,493.70. Following the completion of the sale, the insider now directly owns 77,312 shares in the company, valued at approximately $1,983,825.92. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Synchronoss Technologies by 155,453.2% in the first quarter. BlackRock Inc. now owns 5,134,811 shares of the software maker’s stock valued at $125,291,000 after buying an additional 5,131,510 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Synchronoss Technologies by 48.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,817,388 shares of the software maker’s stock valued at $44,345,000 after buying an additional 596,051 shares during the period. Elk Creek Partners LLC increased its position in shares of Synchronoss Technologies by 35.9% in the first quarter. Elk Creek Partners LLC now owns 2,094,039 shares of the software maker’s stock valued at $51,095,000 after buying an additional 553,072 shares during the period. Renaissance Technologies LLC increased its position in shares of Synchronoss Technologies by 638.0% in the first quarter. Renaissance Technologies LLC now owns 543,900 shares of the software maker’s stock valued at $13,271,000 after buying an additional 470,200 shares during the period. Finally, Rubric Capital Management LP acquired a new position in shares of Synchronoss Technologies during the first quarter valued at $9,760,000. Institutional investors own 93.21% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “Synchronoss Technologies, Inc. (SNCR) Receives Consensus Rating of “Hold” from Analysts” was reported by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was stolen and reposted in violation of U.S. & international copyright legislation. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/06/16/synchronoss-technologies-inc-sncr-receives-consensus-rating-of-hold-from-analysts.html.
Shares of Synchronoss Technologies (NASDAQ:SNCR) traded down 0.92% during trading on Tuesday, reaching $10.81. The company’s stock had a trading volume of 1,531,747 shares. The company has a 50 day moving average price of $13.80 and a 200 day moving average price of $28.41. Synchronoss Technologies has a 52 week low of $10.36 and a 52 week high of $49.94. The firm has a market capitalization of $475.46 million, a P/E ratio of 24.02 and a beta of 1.76.
About Synchronoss Technologies
Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.
Receive News & Ratings for Synchronoss Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synchronoss Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.