Synchronoss Technologies Inc. (NASDAQ:SNCR) fell 2% during trading on Monday . The company traded as low as $40.03 and last traded at $40.63, with a volume of 279,337 shares. The stock had previously closed at $41.48.

A number of brokerages have recently commented on SNCR. Drexel Hamilton began coverage on shares of Synchronoss Technologies in a report on Tuesday, May 31st. They set a “buy” rating and a $48.00 price target for the company. Zacks Investment Research downgraded shares of Synchronoss Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 13th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Synchronoss Technologies in a report on Friday, June 10th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Synchronoss Technologies in a report on Friday, June 10th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.38.

The stock has a market cap of $1.78 billion and a PE ratio of 696.10. The firm’s 50-day moving average price is $35.05 and its 200 day moving average price is $32.12.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.04. During the same period in the prior year, the company posted $0.56 EPS. The company earned $161.49 million during the quarter, compared to the consensus estimate of $156.99 million. Synchronoss Technologies’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts forecast that Synchronoss Technologies Inc. will post $2.51 EPS for the current fiscal year.

In other Synchronoss Technologies news, Director Charles E. Hoffman sold 55,000 shares of the company’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $35.08, for a total value of $1,929,400.00. Following the transaction, the director now owns 34,640 shares of the company’s stock, valued at $1,215,171.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen G. Waldis sold 13,000 shares of the company’s stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $32.32, for a total value of $420,160.00. Following the completion of the transaction, the chief executive officer now directly owns 489,110 shares in the company, valued at approximately $15,808,035.20. The disclosure for this sale can be found here.

A number of hedge funds have recently made changes to their positions in SNCR. Foresters Investment Management Company Inc. purchased a new stake in shares of Synchronoss Technologies during the fourth quarter valued at about $3,682,000. Redwood Investments LLC increased its stake in shares of Synchronoss Technologies by 34.7% in the fourth quarter. Redwood Investments LLC now owns 68,547 shares of the company’s stock valued at $2,415,000 after buying an additional 17,667 shares during the period. Principal Financial Group Inc. increased its stake in shares of Synchronoss Technologies by 5.2% in the fourth quarter. Principal Financial Group Inc. now owns 261,381 shares of the company’s stock valued at $9,208,000 after buying an additional 12,806 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of Synchronoss Technologies by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 52,809 shares of the company’s stock valued at $1,860,000 after buying an additional 315 shares during the period. Finally, GAM Holding AG purchased a new stake in shares of Synchronoss Technologies during the fourth quarter valued at about $1,205,000.

Synchronoss Technologies, Inc (Synchronoss) is a mobile innovation company that provides software-based cloud and activation solutions for connected devices to enterprise customers. The Company’s solutions include intelligent connectivity management and content synchronization, backup and sharing service procurement, provisioning, activation, and support that enable communications service providers (CSPs), cable operators/multi-services operators (MSOs), original equipment manufacturers (OEMs) with embedded connectivity, multi-channel retailers and other customers.

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