Synchronoss Technologies Inc. (SNCR) Rating Reiterated by Credit Suisse Group AG
Synchronoss Technologies Inc. (NASDAQ:SNCR)‘s stock had its “buy” rating reissued by analysts at Credit Suisse Group AG in a note issued to investors on Tuesday. They presently have a $55.00 price target on the stock. Credit Suisse Group AG’s price target indicates a potential upside of 17.60% from the company’s current price.
SNCR has been the topic of a number of other reports. Zacks Investment Research lowered Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 5th. Stephens initiated coverage on Synchronoss Technologies in a report on Wednesday, August 10th. They issued an “overweight” rating and a $50.00 price target on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $49.63.
Shares of Synchronoss Technologies (NASDAQ:SNCR) traded down 2.14% during mid-day trading on Tuesday, hitting $45.77. The company’s stock had a trading volume of 179,888 shares. The company has a 50-day moving average of $39.49 and a 200 day moving average of $37.39. Synchronoss Technologies has a 1-year low of $20.33 and a 1-year high of $47.53. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 775.76 and a beta of 2.21.
Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The company had revenue of $180.98 million for the quarter, compared to analyst estimates of $177.83 million. Synchronoss Technologies had a return on equity of 14.07% and a net margin of 0.19%. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 earnings per share. On average, analysts expect that Synchronoss Technologies will post $2.51 EPS for the current year.
In other Synchronoss Technologies news, Director Donnie Moore sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $40.63, for a total transaction of $223,465.00. Following the transaction, the director now owns 29,092 shares of the company’s stock, valued at $1,182,007.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Stephen G. Waldis sold 13,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $40.61, for a total value of $527,930.00. Following the transaction, the chief executive officer now directly owns 476,110 shares in the company, valued at approximately $19,334,827.10. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Northern Trust Corp increased its position in shares of Synchronoss Technologies by 4.5% in the third quarter. Northern Trust Corp now owns 671,302 shares of the company’s stock worth $27,644,000 after buying an additional 28,828 shares during the period. American International Group Inc. increased its position in shares of Synchronoss Technologies by 0.9% in the third quarter. American International Group Inc. now owns 30,824 shares of the company’s stock worth $1,269,000 after buying an additional 270 shares during the period. Matarin Capital Management LLC acquired a new position in shares of Synchronoss Technologies during the third quarter worth $8,811,000. California State Teachers Retirement System increased its position in shares of Synchronoss Technologies by 1.0% in the third quarter. California State Teachers Retirement System now owns 87,498 shares of the company’s stock worth $3,603,000 after buying an additional 900 shares during the period. Finally, Tealwood Asset Management Inc. acquired a new position in shares of Synchronoss Technologies during the third quarter worth $3,103,000. 81.17% of the stock is currently owned by hedge funds and other institutional investors.
About Synchronoss Technologies
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.
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