Synchronoss Technologies Inc. (SNCR) Trading 2.9% Higher
Synchronoss Technologies Inc. (NASDAQ:SNCR) traded up 2.9% during trading on Friday . The stock traded as high as $37.00 and last traded at $36.93, with a volume of 191,363 shares changing hands. The stock had previously closed at $35.90.
Several equities research analysts have commented on the stock. Drexel Hamilton assumed coverage on shares of Synchronoss Technologies in a report on Tuesday, May 31st. They set a “buy” rating and a $48.00 price objective on the stock. Zacks Investment Research raised shares of Synchronoss Technologies from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective on the stock in a report on Saturday, June 4th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Synchronoss Technologies in a report on Friday, June 10th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Synchronoss Technologies in a report on Friday, June 10th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $47.89.
The firm has a 50-day moving average of $34.28 and a 200-day moving average of $31.64. The company has a market cap of $1.61 billion and a P/E ratio of 71.12.
Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The business earned $145.57 million during the quarter, compared to the consensus estimate of $144.29 million. During the same quarter in the previous year, the business posted $0.49 earnings per share. Synchronoss Technologies’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts anticipate that Synchronoss Technologies Inc. will post $2.45 EPS for the current year.
In related news, Director Charles E. Hoffman sold 55,000 shares of Synchronoss Technologies stock in a transaction dated 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 completion of the sale, the director now directly owns 34,640 shares in the company, valued at approximately $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 Synchronoss Technologies stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $32.32, for a total value of $420,160.00. Following the completion of the sale, the chief executive officer now owns 489,110 shares of the company’s stock, valued at $15,808,035.20. The disclosure for this sale can be found here.
Other large investors have added to or reduced their stakes in the company. General American Investors Co. Inc. increased its stake in Synchronoss Technologies by 6.2% in the fourth quarter. General American Investors Co. Inc. now owns 425,534 shares of the company’s stock valued at $14,992,000 after buying an additional 25,000 shares during the last quarter. Principal Financial Group Inc. increased its stake in 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 last quarter. Nationwide Fund Advisors increased its stake in Synchronoss Technologies by 0.3% in the fourth quarter. Nationwide Fund Advisors now owns 105,416 shares of the company’s stock valued at $3,714,000 after buying an additional 316 shares during the last quarter. Foresters Investment Management Company Inc. acquired a new stake in Synchronoss Technologies during the fourth quarter valued at approximately $3,682,000. Finally, Davidson & Garrard Inc. increased its stake in Synchronoss Technologies by 5.9% in the fourth quarter. Davidson & Garrard Inc. now owns 77,770 shares of the company’s stock valued at $2,740,000 after buying an additional 4,310 shares during the last quarter.
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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