Synchronoss Technologies (NASDAQ:SNCR) had its target price lowered by Canaccord Genuity from $9.00 to $8.00 in a report issued on Monday morning, Benzinga reports. Canaccord Genuity currently has a buy rating on the software maker’s stock.
A number of other research firms have also recently issued reports on SNCR. Zacks Investment Research cut shares of Synchronoss Technologies from a buy rating to a hold rating in a research note on Wednesday, May 12th. Northland Securities restated a buy rating and set a $6.50 target price on shares of Synchronoss Technologies in a research note on Monday, April 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Synchronoss Technologies currently has a consensus rating of Buy and an average target price of $7.30.
Shares of SNCR stock opened at $2.79 on Monday. The stock has a market cap of $123.18 million, a P/E ratio of -2.23 and a beta of 1.21. The company has a fifty day moving average price of $3.31 and a two-hundred day moving average price of $3.88. Synchronoss Technologies has a one year low of $2.22 and a one year high of $6.59.
Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Monday, May 10th. The software maker reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.03. The firm had revenue of $65.50 million during the quarter, compared to analysts’ expectations of $64.40 million. Synchronoss Technologies had a negative net margin of 5.05% and a positive return on equity of 24.27%. On average, research analysts expect that Synchronoss Technologies will post -0.47 EPS for the current fiscal year.
In related news, CFO David D. Clark sold 6,423 shares of the firm’s stock in a transaction dated Friday, March 12th. The shares were sold at an average price of $4.46, for a total transaction of $28,646.58. Following the transaction, the chief financial officer now directly owns 226,103 shares of the company’s stock, valued at $1,008,419.38. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 16,588 shares of company stock worth $71,283. 30.50% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in SNCR. G2 Investment Partners Management LLC increased its holdings in Synchronoss Technologies by 126.6% in the 1st quarter. G2 Investment Partners Management LLC now owns 750,000 shares of the software maker’s stock valued at $2,678,000 after buying an additional 418,988 shares during the period. Norges Bank bought a new position in Synchronoss Technologies in the 4th quarter valued at about $1,234,000. Bouvel Investment Partners LLC bought a new position in Synchronoss Technologies in the 4th quarter valued at about $1,151,000. Goldman Sachs Group Inc. increased its holdings in Synchronoss Technologies by 637.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 282,191 shares of the software maker’s stock valued at $1,007,000 after buying an additional 243,916 shares during the period. Finally, Strs Ohio increased its holdings in Synchronoss Technologies by 100.1% in the 1st quarter. Strs Ohio now owns 167,100 shares of the software maker’s stock valued at $596,000 after buying an additional 83,600 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of Things (IoT) platforms, products, and solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific. Its platforms, products, and solutions include digital experience management platform as a service, which includes digital journey creation and journey design products that use analytics that power digital advisor products for IT and business channel owners; and cloud sync, backup, storage, device set up, content transfer, and content engagement for user generated content.
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