Canaccord Genuity Trims Synacor, Inc. (SYNC) Target Price to $5.00

Synacor, Inc. (NASDAQ:SYNC) had its price target reduced by Canaccord Genuity from $6.00 to $5.00 in a report released on Wednesday. Canaccord Genuity currently has a buy rating on the information services provider’s stock.

Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Synacor from a sell rating to a hold rating in a research report on Tuesday, July 25th. Craig Hallum downgraded Synacor from a buy rating to a hold rating and lifted their price objective for the company from $3.55 to $4.00 in a research report on Thursday, August 10th. Finally, Zacks Investment Research downgraded Synacor from a hold rating to a sell rating in a research report on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Synacor currently has an average rating of Hold and a consensus price target of $5.00.

Shares of Synacor (NASDAQ SYNC) remained flat at $$2.50 during trading hours on Wednesday. The company had a trading volume of 111,899 shares, compared to its average volume of 126,643. Synacor has a 12-month low of $1.96 and a 12-month high of $4.25. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

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Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Synacor by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 47,048 shares of the information services provider’s stock valued at $195,000 after buying an additional 400 shares during the period. Renaissance Technologies LLC grew its position in Synacor by 1.4% during the first quarter. Renaissance Technologies LLC now owns 1,160,600 shares of the information services provider’s stock worth $4,816,000 after buying an additional 16,400 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Synacor by 9.7% in the 2nd quarter. Acadian Asset Management LLC now owns 85,433 shares of the information services provider’s stock valued at $312,000 after purchasing an additional 7,576 shares in the last quarter. Boston Partners acquired a new stake in shares of Synacor in the 2nd quarter valued at $1,122,000. Finally, New Jersey Better Educational Savings Trust boosted its holdings in shares of Synacor by 22.0% in the 2nd quarter. New Jersey Better Educational Savings Trust now owns 122,000 shares of the information services provider’s stock valued at $445,000 after purchasing an additional 22,000 shares in the last quarter. 30.62% of the stock is owned by institutional investors and hedge funds.

About Synacor

Synacor, Inc is a technology development, multiplatform services and revenue partner for video, Internet and communications providers, device manufacturers and enterprises. The Company enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, actionable data and implementation.

Analyst Recommendations for Synacor (NASDAQ:SYNC)

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