Synchronoss Technologies, Inc. (NASDAQ:SNCR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “Synchronoss Technologies, Inc. provides cloud solutions and software-based activation for connected devices worldwide. 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. Its products and platforms are designed to enable multiple converged communication services to be managed across a range of distribution channels, including e-commerce, m-commerce, telesales, customer stores, indirect and other retail outlets. In addition, the company offers software as a service for the organizations to securely manage, control, track, search, exchange, and collaborate on sensitive information inside and outside the firewall. It also provides Synchronoss Enterprise solutions, such as secure mobility management, data and analytics, and identity and access management solutions for the financial, telecommunications, healthcare, life sciences, and government sectors. “

Other analysts have also issued reports about the stock. Deutsche Bank AG restated a “hold” rating and issued a $18.00 price objective (up from $10.00) on shares of Synchronoss Technologies in a report on Monday, October 9th. Stifel Nicolaus restated a “hold” rating and issued a $10.00 price objective (down from $16.00) on shares of Synchronoss Technologies in a report on Wednesday, September 20th. Citigroup Inc. boosted their price objective on shares of Synchronoss Technologies to $10.00 and gave the company a “hold” rating in a report on Wednesday, September 20th. BidaskClub upgraded shares of Synchronoss Technologies from a “strong sell” rating to a “sell” rating in a report on Thursday, August 17th. Finally, Raymond James Financial, Inc. lowered shares of Synchronoss Technologies from an “outperform” rating to an “underperform” rating and set a $18.00 price objective on the stock. in a report on Tuesday, September 19th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.71.

Shares of Synchronoss Technologies (SNCR) opened at 11.12 on Wednesday. The company’s 50-day moving average is $12.80 and its 200-day moving average is $15.31. Synchronoss Technologies has a 1-year low of $8.71 and a 1-year high of $49.94. The stock has a market cap of $489.09 million, a P/E ratio of 24.71 and a beta of 1.61.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNCR. BlackRock Inc. grew its position in Synchronoss Technologies by 155,453.2% in the 1st quarter. BlackRock Inc. now owns 5,134,811 shares of the software maker’s stock valued at $125,291,000 after acquiring an additional 5,131,510 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Synchronoss Technologies by 48.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,817,388 shares of the software maker’s stock worth $44,345,000 after buying an additional 596,051 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Synchronoss Technologies during the second quarter worth about $8,843,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Synchronoss Technologies during the second quarter worth about $8,225,000. Finally, Renaissance Technologies LLC grew its position in shares of Synchronoss Technologies by 638.0% during the first quarter. Renaissance Technologies LLC now owns 543,900 shares of the software maker’s stock worth $13,271,000 after buying an additional 470,200 shares in the last quarter. 74.00% of the stock is owned by institutional investors.

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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Analyst Recommendations for Synchronoss Technologies (NASDAQ:SNCR)

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