Citigroup Inc. Raises Synchronoss Technologies, Inc. (SNCR) Price Target to $10.00
Synchronoss Technologies, Inc. (NASDAQ:SNCR) had its price objective lifted by equities researchers at Citigroup Inc. to $10.00 in a research note issued to investors on Wednesday. The firm presently has a “hold” rating on the software maker’s stock. Citigroup Inc.’s price target would indicate a potential upside of 1.83% from the stock’s current price.
SNCR has been the subject of several other research reports. Zacks Investment Research raised shares of Synchronoss Technologies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Raymond James Financial, Inc. downgraded shares of Synchronoss Technologies from an “outperform” rating to an “underperform” rating and set a $18.00 price objective for the company. in a research note on Tuesday. Drexel Hamilton downgraded shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. BidaskClub downgraded shares of Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $16.00 price objective on shares of Synchronoss Technologies in a research note on Friday, June 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Synchronoss Technologies currently has an average rating of “Hold” and a consensus price target of $21.50.
Synchronoss Technologies (NASDAQ:SNCR) opened at 9.82 on Wednesday. The company’s 50-day moving average price is $16.42 and its 200-day moving average price is $17.82. The stock has a market cap of $431.91 million, a P/E ratio of 21.82 and a beta of 1.69. Synchronoss Technologies has a one year low of $9.76 and a one year high of $49.94.
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Several institutional investors have recently bought and sold shares of SNCR. BlackRock Inc. raised its stake in shares of Synchronoss Technologies by 155,453.2% during the first quarter. BlackRock Inc. now owns 5,134,811 shares of the software maker’s stock valued at $125,291,000 after acquiring an additional 5,131,510 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Synchronoss Technologies by 48.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,817,388 shares of the software maker’s stock valued at $44,345,000 after acquiring an additional 596,051 shares in the last quarter. Elk Creek Partners LLC raised its stake in shares of Synchronoss Technologies by 35.9% during the first quarter. Elk Creek Partners LLC now owns 2,094,039 shares of the software maker’s stock valued at $51,095,000 after acquiring an additional 553,072 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Synchronoss Technologies during the second quarter valued at approximately $8,843,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Synchronoss Technologies during the second quarter valued at approximately $8,225,000. 74.06% of the stock is owned by hedge funds and other institutional investors.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.
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