$64.40 Million in Sales Expected for Synchronoss Technologies, Inc. (NASDAQ:SNCR) This Quarter


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Equities analysts forecast that Synchronoss Technologies, Inc. (NASDAQ:SNCR) will announce $64.40 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Synchronoss Technologies’ earnings. The highest sales estimate is $65.55 million and the lowest is $63.25 million. Synchronoss Technologies posted sales of $77.12 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 16.5%. The business is scheduled to announce its next quarterly earnings report on Monday, May 10th.

According to Zacks, analysts expect that Synchronoss Technologies will report full-year sales of $277.68 million for the current fiscal year, with estimates ranging from $276.54 million to $278.82 million. For the next financial year, analysts anticipate that the company will post sales of $297.48 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Synchronoss Technologies.

Synchronoss Technologies (NASDAQ:SNCR) last released its earnings results on Sunday, March 7th. The software maker reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. The business had revenue of $69.38 million for the quarter, compared to analyst estimates of $67.34 million. Synchronoss Technologies had a negative net margin of 5.05% and a positive return on equity of 24.27%.

Several equities research analysts have recently commented on SNCR shares. Zacks Investment Research raised shares of Synchronoss Technologies from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Saturday, March 13th. Canaccord Genuity reiterated a “buy” rating and issued a $9.00 target price on shares of Synchronoss Technologies in a research note on Monday, March 8th. Finally, Northland Securities reiterated a “buy” rating and issued a $6.50 target price on shares of Synchronoss Technologies in a research note on Monday, April 19th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $7.50.

In other Synchronoss Technologies news, CFO David D. Clark sold 6,423 shares of the stock in a transaction that occurred on Friday, March 12th. The shares were sold at an average price of $4.46, for a total value of $28,646.58. Following the sale, the chief financial officer now directly owns 226,103 shares in the company, valued at approximately $1,008,419.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 21,831 shares of company stock worth $100,538 over the last quarter. Corporate insiders own 30.50% of the company’s stock.

Large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Synchronoss Technologies in the 4th quarter worth $64,000. Financial Advocates Investment Management bought a new position in shares of Synchronoss Technologies during the 4th quarter valued at $47,000. AQR Capital Management LLC grew its holdings in shares of Synchronoss Technologies by 191.8% during the 3rd quarter. AQR Capital Management LLC now owns 47,004 shares of the software maker’s stock valued at $141,000 after purchasing an additional 30,894 shares during the last quarter. Engineers Gate Manager LP grew its holdings in shares of Synchronoss Technologies by 71.7% during the 4th quarter. Engineers Gate Manager LP now owns 98,991 shares of the software maker’s stock valued at $465,000 after purchasing an additional 41,330 shares during the last quarter. Finally, Brighton Jones LLC bought a new position in shares of Synchronoss Technologies during the 4th quarter valued at $64,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

SNCR traded down $0.18 during midday trading on Friday, hitting $3.05. The company had a trading volume of 2,697 shares, compared to its average volume of 537,950. The stock’s 50 day moving average price is $3.66 and its 200 day moving average price is $3.88. The company has a market capitalization of $134.73 million, a price-to-earnings ratio of -2.58 and a beta of 1.21. Synchronoss Technologies has a 52 week low of $2.17 and a 52 week high of $6.59.

About Synchronoss Technologies

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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