Synchronoss Technologies (NASDAQ:SNCR) Downgraded to “Sell” at Zacks Investment Research

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Zacks Investment Research downgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a sell rating in a research note released on Saturday morning, Zacks.com reports.

According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “

SNCR has been the topic of several other research reports. Canaccord Genuity assumed coverage on shares of Synchronoss Technologies in a report on Tuesday, August 27th. They issued a buy rating and a $13.00 target price on the stock. ValuEngine cut shares of Synchronoss Technologies from a buy rating to a hold rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Synchronoss Technologies has an average rating of Hold and a consensus price target of $9.94.

NASDAQ SNCR traded up $0.41 during trading on Friday, hitting $4.27. 1,583,200 shares of the company’s stock traded hands, compared to its average volume of 401,830. The stock has a fifty day moving average of $5.62 and a two-hundred day moving average of $6.80. Synchronoss Technologies has a 12-month low of $3.72 and a 12-month high of $9.05. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.94 and a quick ratio of 1.21. The firm has a market cap of $216.15 million, a P/E ratio of -0.87 and a beta of 0.50.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings results on Monday, November 4th. The software maker reported ($0.62) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.22). Synchronoss Technologies had a negative net margin of 66.53% and a negative return on equity of 99.39%. The firm had revenue of $52.21 million for the quarter, compared to analysts’ expectations of $88.50 million. During the same quarter in the previous year, the company earned ($0.72) EPS. The company’s quarterly revenue was down 37.3% compared to the same quarter last year. As a group, analysts expect that Synchronoss Technologies will post -1.72 earnings per share for the current fiscal year.

In related news, CMO Mary P. Clark sold 4,500 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $8.43, for a total value of $37,935.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 30.50% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Bank of Montreal Can purchased a new stake in Synchronoss Technologies in the second quarter worth approximately $25,000. Tower Research Capital LLC TRC raised its position in Synchronoss Technologies by 107.8% in the second quarter. Tower Research Capital LLC TRC now owns 10,339 shares of the software maker’s stock worth $82,000 after acquiring an additional 5,364 shares during the period. Trexquant Investment LP bought a new position in Synchronoss Technologies in the second quarter worth approximately $88,000. Jane Street Group LLC bought a new position in Synchronoss Technologies in the second quarter worth approximately $92,000. Finally, Hancock Whitney Corp bought a new position in Synchronoss Technologies in the third quarter worth approximately $112,000. Institutional investors own 46.78% of the company’s stock.

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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