Synchronoss Technologies (NASDAQ:SNCR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “
SNCR has been the topic of a number of other reports. BidaskClub upgraded shares of Synchronoss Technologies from a “strong sell” rating to a “sell” rating in a research report on Friday, April 13th. Stifel Nicolaus cut shares of Synchronoss Technologies from a “hold” rating to a “sell” rating and reduced their price target for the company from $8.00 to $3.00 in a research report on Monday, July 30th. Five research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Synchronoss Technologies has a consensus rating of “Sell” and an average target price of $9.83.
Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings results on Monday, July 2nd. The software maker reported ($0.67) EPS for the quarter. The business had revenue of $83.71 million for the quarter, compared to analyst estimates of $107.00 million. sell-side analysts predict that Synchronoss Technologies will post 0.35 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of SNCR. Geode Capital Management LLC grew its holdings in shares of Synchronoss Technologies by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 389,925 shares of the software maker’s stock worth $3,485,000 after purchasing an additional 12,601 shares during the last quarter. Guggenheim Capital LLC grew its holdings in shares of Synchronoss Technologies by 90.6% in the fourth quarter. Guggenheim Capital LLC now owns 90,912 shares of the software maker’s stock worth $810,000 after purchasing an additional 43,204 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Synchronoss Technologies by 512.7% in the fourth quarter. Millennium Management LLC now owns 229,321 shares of the software maker’s stock worth $2,050,000 after purchasing an additional 191,896 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in shares of Synchronoss Technologies in the fourth quarter worth approximately $177,000. Finally, Dupont Capital Management Corp bought a new position in shares of Synchronoss Technologies in the first quarter worth approximately $792,000. Hedge funds and other institutional investors own 80.41% of the company’s stock.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc provides cloud solutions and software-based activation for connected devices worldwide. The company's products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.
Further Reading: Outstanding Shares and The Effect on Share Price
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