Synchronoss Technologies Inc. (SNCR) Rating Reiterated by Wells Fargo & Co.
Synchronoss Technologies Inc. (NASDAQ:SNCR)‘s stock had its “outperform” rating restated by stock analysts at Wells Fargo & Co. in a research note issued on Thursday. They presently have a $49.00 price target on the stock, up from their previous price target of $44.50. Wells Fargo & Co.’s price objective indicates a potential upside of 2.66% from the stock’s previous close.
SNCR has been the subject of several other reports. Credit Suisse Group AG reissued a “buy” rating and set a $55.00 target price on shares of Synchronoss Technologies in a research note on Tuesday, November 8th. Zacks Investment Research cut Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 5th. Finally, Stephens started coverage on Synchronoss Technologies in a research report on Wednesday, August 10th. They set an “overweight” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Synchronoss Technologies presently has an average rating of “Buy” and a consensus target price of $50.38.
Synchronoss Technologies (NASDAQ:SNCR) opened at 47.73 on Thursday. Synchronoss Technologies has a 12 month low of $20.33 and a 12 month high of $48.22. The stock has a market capitalization of $2.08 billion, a PE ratio of 3671.54 and a beta of 2.21. The company’s 50-day moving average price is $39.80 and its 200 day moving average price is $37.57.
Synchronoss Technologies (NASDAQ:SNCR) last released its earnings results on Monday, November 7th. The company reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.01. Synchronoss Technologies had a return on equity of 13.97% and a net margin of 0.19%. The firm earned $180.98 million during the quarter, compared to analysts’ expectations of $177.83 million. During the same period in the previous year, the firm posted $0.58 EPS. Synchronoss Technologies’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, analysts forecast that Synchronoss Technologies will post $2.57 earnings per share for the current fiscal year.
In related news, CEO Stephen G. Waldis sold 13,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $40.61, for a total value of $527,930.00. Following the completion of the sale, the chief executive officer now directly owns 476,110 shares of the company’s stock, valued at approximately $19,334,827.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Karen Rosenberger sold 755 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $40.86, for a total value of $30,849.30. Following the completion of the sale, the chief financial officer now directly owns 44,219 shares of the company’s stock, valued at $1,806,788.34. The disclosure for this sale can be found here. 11.00% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Peregrine Capital Management LLC purchased a new stake in shares of Synchronoss Technologies during the third quarter worth about $15,745,000. BlackRock Fund Advisors increased its stake in Synchronoss Technologies by 10.4% in the third quarter. BlackRock Fund Advisors now owns 2,925,438 shares of the company’s stock valued at $120,470,000 after buying an additional 275,479 shares in the last quarter. State of Wisconsin Investment Board bought a new stake in Synchronoss Technologies during the third quarter valued at approximately $8,854,000. Matarin Capital Management LLC bought a new stake in Synchronoss Technologies during the third quarter valued at approximately $8,811,000. Finally, Frontier Capital Management Co. LLC increased its stake in Synchronoss Technologies by 139.4% in the second quarter. Frontier Capital Management Co. LLC now owns 307,330 shares of the company’s stock valued at $9,792,000 after buying an additional 178,971 shares in the last quarter. 81.17% of the stock is 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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