Zacks Investment Research cut shares of Synacor, Inc. (NASDAQ:SYNC) from a hold rating to a sell rating in a report issued on Thursday.
According to Zacks, “Synacor, Inc. is a provider of solutions for delivery of online content and services. Synacor clients including cable, telecom, satellite and consumer electronics companies, use Synacor’s Platform to deliver TV shows, movies, music, news, games, sports, email, tech support and other value-added services to their end-customers, across multiple connected devices. Its platform includes Website design and development, unified registration and login (single sign-on), billing integration, personalization, video delivery capability, content management system, household management, toolbar and television listings. Synacor, Inc. is headquartered in Buffalo, New York. “
Several other brokerages also recently issued reports on SYNC. ValuEngine downgraded shares of Synacor from a hold rating to a sell rating in a report on Tuesday, August 1st. Craig Hallum downgraded shares of Synacor from a buy rating to a hold rating and boosted their price target for the company from $3.55 to $4.00 in a report on Thursday, August 10th. Rosenblatt Securities reissued a buy rating and set a $5.50 price target on shares of Synacor in a report on Monday, June 12th. Finally, Canaccord Genuity reduced their price target on shares of Synacor from $8.00 to $6.00 and set a buy rating for the company in a report on Thursday, August 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $5.25.
Shares of Synacor (SYNC) traded up 3.64% during mid-day trading on Thursday, reaching $2.85. 67,826 shares of the company were exchanged. Synacor has a 12 month low of $2.30 and a 12 month high of $4.25. The company’s 50-day moving average is $2.60 and its 200 day moving average is $3.32. The firm’s market capitalization is $110.20 million.
Synacor (NASDAQ:SYNC) last released its earnings results on Wednesday, August 9th. The information services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. Synacor had a negative net margin of 13.14% and a negative return on equity of 39.21%. The firm had revenue of $31.22 million during the quarter, compared to analyst estimates of $29.43 million. The business’s revenue was up 2.4% on a year-over-year basis. Analysts predict that Synacor will post ($0.32) EPS for the current year.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Boston Partners acquired a new position in shares of Synacor during the second quarter valued at $1,122,000. Wellington Management Group LLP boosted its holdings in shares of Synacor by 43.5% during the first quarter. Wellington Management Group LLP now owns 1,073,900 shares of the information services provider’s stock valued at $4,457,000 after acquiring an additional 325,700 shares during the period. S Squared Technology LLC acquired a new position in shares of Synacor during the second quarter valued at $1,168,000. Northpointe Capital LLC acquired a new position in shares of Synacor during the second quarter valued at $914,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Synacor by 9.7% during the second quarter. Acadian Asset Management LLC now owns 85,433 shares of the information services provider’s stock valued at $312,000 after acquiring an additional 7,576 shares during the period. 28.08% of the stock is owned by institutional investors.
Synacor Company Profile
Synacor, Inc is a technology development, multiplatform services and revenue partner for video, Internet and communications providers, device manufacturers and enterprises. The Company enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, actionable data and implementation.
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