Synchronoss Technologies, Inc. (NASDAQ:SNCR) Receives Average Recommendation of “Hold” from Brokerages
Synchronoss Technologies, Inc. (NASDAQ:SNCR) has been given a consensus rating of “Hold” by the ten ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $24.20.
A number of equities research analysts recently commented on the stock. Credit Suisse Group lowered shares of Synchronoss Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $45.00 to $13.00 in a report on Thursday, April 27th. J P Morgan Chase & Co lowered shares of Synchronoss Technologies from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $65.00 to $27.00 in a report on Thursday, April 27th. Wells Fargo & Company lowered shares of Synchronoss Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, April 27th. Zacks Investment Research lowered shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Saturday, April 1st. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $16.00 price target on shares of Synchronoss Technologies in a report on Friday, June 23rd.
In related news, major shareholder Silver Private Holdings I, Llc acquired 1,357,383 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was acquired at an average cost of $15.89 per share, for a total transaction of $21,568,815.87. The purchase was disclosed in a filing with the SEC, which is available at this link. 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 SNCR. State of Alaska Department of Revenue raised its position in shares of Synchronoss Technologies by 4.0% in the first quarter. State of Alaska Department of Revenue now owns 4,720 shares of the software maker’s stock valued at $115,000 after buying an additional 180 shares during the period. Mckinley Capital Management LLC Delaware bought a new position in shares of Synchronoss Technologies during the first quarter valued at approximately $118,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Synchronoss Technologies by 5.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,965 shares of the software maker’s stock valued at $152,000 after buying an additional 197 shares during the period. Acrospire Investment Management LLC raised its position in shares of Synchronoss Technologies by 55,900.0% in the first quarter. Acrospire Investment Management LLC now owns 7,280 shares of the software maker’s stock valued at $178,000 after buying an additional 7,267 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Synchronoss Technologies during the first quarter valued at approximately $212,000. Institutional investors and hedge funds own 93.01% of the company’s stock.
Shares of Synchronoss Technologies (SNCR) traded down 1.88% during trading on Monday, reaching $16.19. 763,415 shares of the company were exchanged. The stock has a 50-day moving average price of $13.17 and a 200-day moving average price of $26.08. The stock has a market capitalization of $712.08 million, a PE ratio of 35.98 and a beta of 1.74. Synchronoss Technologies has a one year low of $10.11 and a one year high of $49.94.
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Synchronoss Technologies Company Profile
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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