Synchronoss Technologies Inc. (SNCR) Rating Increased to Buy at Zacks Investment Research
Synchronoss Technologies Inc. (NASDAQ:SNCR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $53.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 12.41% from the company’s previous close.
According to Zacks, “SYNCHRONOSS TECHNOLOGIES is the premier provider of on-demand transaction management software to Tier One communications service providers. Synchronoss enables service providers to drive growth in new and existing markets while delivering an improved customer experience at lower costs. The company’s flagship ActivationNow and ConvergenceNow software platforms automate, synchronize and simplify electronic service creation and management of advanced wireline, wireless and IP services across existing networks. “
Other analysts also recently issued research reports about the stock. Credit Suisse Group AG reaffirmed a “buy” rating and set a $55.00 price target on shares of Synchronoss Technologies in a research note on Tuesday, November 8th. Wells Fargo & Co. reaffirmed an “outperform” rating and set a $49.00 price target (up previously from $44.50) on shares of Synchronoss Technologies in a research note on Thursday, November 10th. Finally, Stephens started coverage on shares of Synchronoss Technologies in a research note on Wednesday, August 10th. They set an “overweight” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Synchronoss Technologies presently has a consensus rating of “Buy” and a consensus target price of $50.38.
Synchronoss Technologies (NASDAQ:SNCR) opened at 47.15 on Friday. The company has a 50-day moving average price of $39.94 and a 200 day moving average price of $37.76. Synchronoss Technologies has a 52-week low of $20.33 and a 52-week high of $48.25. The company has a market capitalization of $2.05 billion, a PE ratio of 3626.92 and a beta of 2.21.
Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. Synchronoss Technologies had a net margin of 0.19% and a return on equity of 13.97%. The firm earned $180.98 million during the quarter, compared to the consensus estimate of $177.83 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. Equities research analysts anticipate that Synchronoss Technologies will post $2.57 earnings per share for the current year.
In other news, CEO Stephen G. Waldis sold 13,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $40.61, for a total transaction of $527,930.00. Following the sale, the chief executive officer now directly owns 476,110 shares of the company’s stock, valued at $19,334,827.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donnie Moore sold 5,500 shares of the business’s stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $39.38, for a total transaction of $216,590.00. Following the sale, the director now directly owns 25,592 shares in the company, valued at $1,007,812.96. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in SNCR. Fox Run Management L.L.C. bought a new stake in shares of Synchronoss Technologies during the second quarter worth $586,000. Eqis Capital Management Inc. bought a new stake in shares of Synchronoss Technologies during the second quarter worth $766,000. Capstone Asset Management Co. raised its stake in shares of Synchronoss Technologies by 9.1% in the second quarter. Capstone Asset Management Co. now owns 14,846 shares of the company’s stock worth $473,000 after buying an additional 1,240 shares during the period. Beacon Financial Group bought a new stake in shares of Synchronoss Technologies during the second quarter worth $304,000. Finally, Creative Planning raised its stake in shares of Synchronoss Technologies by 10.7% in the second quarter. Creative Planning now owns 18,715 shares of the company’s stock worth $596,000 after buying an additional 1,810 shares during the period. 81.55% of the stock is currently owned by hedge funds and other institutional investors.
Synchronoss Technologies Company Profile
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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