Zacks Investment Research cut shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Synchronoss Technologies, Inc. provides cloud solutions and software-based activation for connected devices worldwide. 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. Its products and platforms are designed to enable multiple converged communication services to be managed across a range of distribution channels, including e-commerce, m-commerce, telesales, customer stores, indirect and other retail outlets. In addition, the company offers software as a service for the organizations to securely manage, control, track, search, exchange, and collaborate on sensitive information inside and outside the firewall. It also provides Synchronoss Enterprise solutions, such as secure mobility management, data and analytics, and identity and access management solutions for the financial, telecommunications, healthcare, life sciences, and government sectors. “

A number of other brokerages also recently issued reports on SNCR. Raymond James Financial, Inc. downgraded shares of Synchronoss Technologies from an outperform rating to an underperform rating and set a $18.00 price target on the stock. in a report on Tuesday, September 19th. BidaskClub raised shares of Synchronoss Technologies from a strong sell rating to a sell rating in a report on Thursday, August 17th. Deutsche Bank AG reissued a hold rating and issued a $18.00 price target (up from $10.00) on shares of Synchronoss Technologies in a report on Monday, October 9th. Stifel Nicolaus reissued a hold rating and issued a $10.00 price target (down from $16.00) on shares of Synchronoss Technologies in a report on Wednesday, September 20th. Finally, Citigroup Inc. increased their price target on shares of Synchronoss Technologies to $10.00 and gave the stock a hold rating in a report on Wednesday, September 20th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Synchronoss Technologies has an average rating of Hold and a consensus price target of $18.71.

Synchronoss Technologies (SNCR) opened at 11.49 on Wednesday. Synchronoss Technologies has a 12-month low of $8.71 and a 12-month high of $49.94. The company has a market capitalization of $505.36 million, a price-to-earnings ratio of 25.53 and a beta of 1.61. The firm has a 50-day moving average of $12.36 and a 200 day moving average of $15.16.

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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Municipal Employees Retirement System of Michigan raised its stake in Synchronoss Technologies by 1.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 9,630 shares of the software maker’s stock valued at $235,000 after purchasing an additional 110 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Synchronoss Technologies by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 17,600 shares of the software maker’s stock valued at $290,000 after purchasing an additional 200 shares in the last quarter. Arizona State Retirement System raised its stake in Synchronoss Technologies by 0.9% in the second quarter. Arizona State Retirement System now owns 22,522 shares of the software maker’s stock valued at $370,000 after purchasing an additional 200 shares in the last quarter. Texas Permanent School Fund raised its stake in Synchronoss Technologies by 1.7% in the second quarter. Texas Permanent School Fund now owns 31,486 shares of the software maker’s stock valued at $518,000 after purchasing an additional 513 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in Synchronoss Technologies by 7.9% in the first quarter. Oppenheimer & Co. Inc. now owns 10,925 shares of the software maker’s stock valued at $267,000 after purchasing an additional 800 shares in the last quarter. 74.00% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Synchronoss Technologies (NASDAQ:SNCR)

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