Synchronoss Technologies (NASDAQ:SNCR) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Synchronoss Technologies, Inc. (NASDAQ:SNCR) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.81 and traded as high as $8.97. Synchronoss Technologies shares last traded at $8.85, with a volume of 92,619 shares.

Wall Street Analyst Weigh In

SNCR has been the subject of a number of analyst reports. Zacks Research raised Synchronoss Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Synchronoss Technologies in a report on Thursday, January 22nd. Roth Mkm downgraded shares of Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 4th. Finally, Wall Street Zen cut shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Synchronoss Technologies currently has a consensus rating of “Reduce”.

Synchronoss Technologies Trading Up 0.1%

The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 3.13. The firm has a market capitalization of $101.86 million, a P/E ratio of -8.68, a price-to-earnings-growth ratio of 0.58 and a beta of 1.41. The firm’s 50-day simple moving average is $8.42 and its 200-day simple moving average is $6.81.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.28. The company had revenue of $42.00 million during the quarter, compared to the consensus estimate of $43.20 million. Synchronoss Technologies had a negative net margin of 5.69% and a positive return on equity of 24.44%. Analysts anticipate that Synchronoss Technologies, Inc. will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SNCR. Bank of America Corp DE grew its holdings in shares of Synchronoss Technologies by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 50,508 shares of the software maker’s stock valued at $346,000 after purchasing an additional 2,280 shares during the last quarter. Sei Investments Co. grew its stake in shares of Synchronoss Technologies by 23.4% during the third quarter. Sei Investments Co. now owns 14,745 shares of the software maker’s stock valued at $90,000 after buying an additional 2,794 shares during the last quarter. Heron Bay Capital Management increased its holdings in shares of Synchronoss Technologies by 10.6% in the third quarter. Heron Bay Capital Management now owns 33,099 shares of the software maker’s stock worth $201,000 after buying an additional 3,182 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Synchronoss Technologies by 10.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,261 shares of the software maker’s stock valued at $202,000 after acquiring an additional 3,189 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Synchronoss Technologies by 4.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 87,344 shares of the software maker’s stock worth $598,000 after acquiring an additional 3,374 shares during the last quarter. 51.71% of the stock is currently owned by institutional investors.

About Synchronoss Technologies

Synchronoss Technologies, Inc is a global software and services company that provides cloud-based digital transformation solutions for communications service providers, enterprises, and financial institutions. The company’s platform delivers a suite of products designed to automate and manage the provisioning, activation and lifecycle of devices, subscriptions and services across fixed and mobile networks. Synchronoss’s offerings include digital customer engagement tools, identity verification and authentication services, as well as high-volume messaging and collaboration applications.

Founded in 2000 and headquartered in Bridgewater, New Jersey, Synchronoss serves a diverse customer base spanning North America, Europe, Asia and Latin America.