Synchronoss Technologies (NASDAQ:SNCR) Coverage Initiated by Analysts at Northland Securities

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Northland Securities began coverage on shares of Synchronoss Technologies (NASDAQ:SNCR) in a report issued on Friday morning, TipRanks reports. The brokerage issued a buy rating and a $6.50 target price on the software maker’s stock.

A number of other research firms have also recently weighed in on SNCR. Zacks Investment Research raised Synchronoss Technologies from a hold rating to a buy rating and set a $4.25 price target for the company in a report on Saturday, March 21st. Roth Capital reaffirmed a market perform rating and set a $9.00 price target on shares of Synchronoss Technologies in a report on Thursday, June 18th. Canaccord Genuity reissued a buy rating and issued a $13.00 target price on shares of Synchronoss Technologies in a research note on Tuesday, March 10th. Finally, ValuEngine cut Synchronoss Technologies from a strong-buy rating to a buy rating in a research note on Wednesday, March 18th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $8.19.

SNCR stock opened at $3.53 on Friday. The business has a fifty day moving average price of $2.94 and a 200 day moving average price of $4.04. Synchronoss Technologies has a fifty-two week low of $2.17 and a fifty-two week high of $9.05. The stock has a market capitalization of $151.00 million, a price-to-earnings ratio of -1.19 and a beta of 0.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.95 and a quick ratio of 0.95.

Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings results on Monday, May 11th. The software maker reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.48. Synchronoss Technologies had a negative return on equity of 26.69% and a negative net margin of 29.32%. The firm had revenue of $77.12 million during the quarter, compared to analysts’ expectations of $74.00 million. On average, equities analysts expect that Synchronoss Technologies will post -0.85 earnings per share for the current fiscal year.

In other news, CEO Glenn Lurie sold 20,243 shares of Synchronoss Technologies stock in a transaction on Monday, June 8th. The stock was sold at an average price of $3.50, for a total value of $70,850.50. Following the completion of the sale, the chief executive officer now directly owns 530,208 shares of the company’s stock, valued at approximately $1,855,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 36,933 shares of company stock valued at $125,131 over the last three months. Insiders own 30.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of Synchronoss Technologies during the first quarter worth $43,000. Citigroup Inc. grew its stake in shares of Synchronoss Technologies by 164.0% during the first quarter. Citigroup Inc. now owns 19,616 shares of the software maker’s stock worth $60,000 after purchasing an additional 12,185 shares during the period. UBS Group AG grew its stake in shares of Synchronoss Technologies by 42.0% during the fourth quarter. UBS Group AG now owns 32,426 shares of the software maker’s stock worth $154,000 after purchasing an additional 9,598 shares during the period. Alliancebernstein L.P. grew its stake in shares of Synchronoss Technologies by 134.9% during the first quarter. Alliancebernstein L.P. now owns 34,300 shares of the software maker’s stock worth $105,000 after purchasing an additional 19,700 shares during the period. Finally, Barclays PLC grew its stake in shares of Synchronoss Technologies by 97.4% during the fourth quarter. Barclays PLC now owns 39,585 shares of the software maker’s stock worth $188,000 after purchasing an additional 19,531 shares during the period. 53.24% of the stock is owned by institutional investors and hedge funds.

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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