Synchronoss Technologies Inc. (SNCR) Hits New 12-Month High at $41.80
Synchronoss Technologies Inc. (NASDAQ:SNCR) reached a new 52-week high during trading on Wednesday . The company traded as high as $41.80 and last traded at $41.75, with a volume of 323,456 shares trading hands. The stock had previously closed at $41.45.
A number of research firms recently commented on SNCR. Drexel Hamilton began coverage on shares of Synchronoss Technologies in a research report on Tuesday, May 31st. They set a “buy” rating and a $48.00 target price for the company. Zacks Investment Research raised shares of Synchronoss Technologies from a “hold” rating to a “strong-buy” rating and set a $41.00 target price for the company in a research report on Saturday, June 4th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Synchronoss Technologies in a research report on Friday, June 10th. Stephens began coverage on shares of Synchronoss Technologies in a research report on Wednesday, August 10th. They set an “overweight” rating and a $50.00 target price for the company. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Synchronoss Technologies in a research report on Friday, June 10th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $47.44.
The firm has a market cap of $1.81 billion and a PE ratio of 707.63. The firm has a 50 day moving average price of $38.91 and a 200-day moving average price of $33.89.
Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. During the same quarter last year, the firm posted $0.56 EPS. The business earned $161.49 million during the quarter, compared to analyst estimates of $156.99 million. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. Equities research analysts forecast that Synchronoss Technologies Inc. will post $2.51 EPS for the current fiscal year.
In related news, CEO Stephen G. Waldis sold 13,000 shares of Synchronoss Technologies stock in a transaction that occurred 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 owns 489,110 shares in the company, valued at $15,808,035.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
An institutional investor recently raised its position in Synchronoss Technologies stock. New York State Common Retirement Fund raised its position in shares of Synchronoss Technologies Inc. (NASDAQ:SNCR) by 4.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,853 shares of the company’s stock after buying an additional 2,435 shares during the period. New York State Common Retirement Fund owned about 0.14% of Synchronoss Technologies worth $2,109,000 as of its most recent SEC filing.
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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