Synchronoss Technologies (NASDAQ:SNCR) Issues Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Synchronoss Technologies (NASDAQ:SNCR) posted its quarterly earnings results on Tuesday. The software maker reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.18, Zacks reports. Synchronoss Technologies had a negative net margin of 12.36% and a negative return on equity of 3.77%. Synchronoss Technologies updated its FY 2025 guidance to EPS.

Synchronoss Technologies Stock Up 1.8%

Shares of NASDAQ:SNCR traded up $0.10 during midday trading on Tuesday, hitting $5.67. 170,455 shares of the company’s stock traded hands, compared to its average volume of 85,884. The company has a debt-to-equity ratio of 3.67, a quick ratio of 1.72 and a current ratio of 1.72. The company has a market cap of $65.21 million, a PE ratio of -2.71, a P/E/G ratio of 2.91 and a beta of 1.53. The firm’s fifty day moving average price is $5.72 and its two-hundred day moving average price is $6.92. Synchronoss Technologies has a twelve month low of $4.83 and a twelve month high of $12.85.

Wall Street Analyst Weigh In

SNCR has been the subject of a number of research analyst reports. Zacks Research raised shares of Synchronoss Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. Wall Street Zen cut shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Synchronoss Technologies in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.00.

Hedge Funds Weigh In On Synchronoss Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Synchronoss Technologies by 119.7% during the 2nd quarter. Geode Capital Management LLC now owns 235,606 shares of the software maker’s stock valued at $1,614,000 after acquiring an additional 128,375 shares in the last quarter. Marshall Wace LLP increased its position in shares of Synchronoss Technologies by 12.1% in the 2nd quarter. Marshall Wace LLP now owns 212,355 shares of the software maker’s stock worth $1,455,000 after purchasing an additional 22,917 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Synchronoss Technologies by 4.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 87,344 shares of the software maker’s stock worth $598,000 after purchasing an additional 3,374 shares during the last quarter. Bank of America Corp DE increased its position in shares of Synchronoss Technologies by 4.7% in the 2nd quarter. Bank of America Corp DE now owns 50,508 shares of the software maker’s stock worth $346,000 after purchasing an additional 2,280 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new stake in shares of Synchronoss Technologies in the 2nd quarter worth about $272,000. Institutional investors and hedge funds own 51.71% of the company’s stock.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.