Zacks: Brokerages Expect Synchronoss Technologies, Inc. (SNCR) Will Announce Quarterly Sales of $164.59 Million
Analysts expect that Synchronoss Technologies, Inc. (NASDAQ:SNCR) will post sales of $164.59 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Synchronoss Technologies’ earnings, with the lowest sales estimate coming in at $160.00 million and the highest estimate coming in at $175.38 million. Synchronoss Technologies posted sales of $142.69 million in the same quarter last year, which suggests a positive year-over-year growth rate of 15.3%. The business is scheduled to report its next earnings report on Monday, May 15th.
On average, analysts expect that Synchronoss Technologies will report full year sales of $164.59 million for the current year, with estimates ranging from $684.95 million to $753.57 million. For the next financial year, analysts forecast that the firm will post sales of $790.92 million per share, with estimates ranging from $743.00 million to $827.66 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Synchronoss Technologies.
SNCR has been the topic of several recent analyst reports. Raymond James Financial, Inc. cut Synchronoss Technologies from a “strong-buy” rating to an “outperform” rating in a research report on Monday, May 1st. Zacks Investment Research cut Synchronoss Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, April 12th. Stifel Nicolaus dropped their price objective on Synchronoss Technologies from $32.00 to $10.00 and set a “hold” rating on the stock in a research report on Friday, April 28th. J P Morgan Chase & Co cut Synchronoss Technologies from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $65.00 to $27.00 in a research report on Thursday, April 27th. Finally, Wells Fargo & Company cut Synchronoss Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $27.71.
In other news, major shareholder Silver Private Holdings I, Llc bought 1,357,383 shares of the stock in a transaction on Thursday, May 4th. The shares were bought at an average price of $15.89 per share, with a total value of $21,568,815.87. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.00% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in 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. Vanguard Group Inc. increased its position in Synchronoss Technologies by 4.2% in the first quarter. Vanguard Group Inc. now owns 3,652,395 shares of the software maker’s stock valued at $89,119,000 after buying an additional 148,136 shares during the period. FMR LLC increased its position in Synchronoss Technologies by 6.6% in the fourth quarter. FMR LLC now owns 3,216,374 shares of the software maker’s stock valued at $123,187,000 after buying an additional 198,669 shares during the period. Elk Creek Partners LLC increased its position in 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. Finally, Dimensional Fund Advisors LP increased its position in 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. 93.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synchronoss Technologies (SNCR) opened at 16.05 on Wednesday. The company has a 50-day moving average price of $13.44 and a 200-day moving average price of $27.28. Synchronoss Technologies has a 52 week low of $10.11 and a 52 week high of $49.94. The company has a market capitalization of $705.93 million, a PE ratio of 35.67 and a beta of 1.76.
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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.
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