Synchronoss Technologies (NASDAQ:SNCR) announced its earnings results on Wednesday. The software maker reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.47), Morningstar.com reports. The business had revenue of $83.30 million for the quarter, compared to the consensus estimate of $83.00 million. Synchronoss Technologies had a negative net margin of 32.26% and a negative return on equity of 44.98%. The business’s revenue was down 8.5% compared to the same quarter last year.
Shares of Synchronoss Technologies stock traded up $0.07 during midday trading on Thursday, reaching $6.20. 775,058 shares of the company’s stock traded hands, compared to its average volume of 745,573. The company has a debt-to-equity ratio of 0.70, a quick ratio of 3.41 and a current ratio of 3.41. Synchronoss Technologies has a 12 month low of $3.90 and a 12 month high of $12.12.
In other news, Director William J. Cadogan acquired 96,152 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was acquired at an average price of $5.87 per share, for a total transaction of $564,412.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Cadogan acquired 47,500 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was purchased at an average price of $5.78 per share, with a total value of $274,550.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 200,000 shares of company stock valued at $1,130,281. 34.90% of the stock is owned by corporate insiders.
A number of equities analysts recently commented on the company. TheStreet downgraded Synchronoss Technologies from a “c-” rating to a “d” rating in a report on Monday, October 1st. Zacks Investment Research upgraded Synchronoss Technologies from a “sell” rating to a “hold” rating in a report on Saturday, September 29th. ValuEngine upgraded Synchronoss Technologies from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Finally, Stifel Nicolaus downgraded Synchronoss Technologies from a “hold” rating to a “sell” rating and decreased their target price for the company from $8.00 to $3.00 in a report on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $7.75.
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Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of things platforms, products, and solutions worldwide. Its 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.
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