Zacks Investment Research upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a research report released on Friday morning. The firm currently has $6.50 target price on the software maker’s stock.

According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “

Several other research firms have also issued reports on SNCR. TheStreet lowered Synchronoss Technologies from a c- rating to a d rating in a research report on Monday, October 1st. Stifel Nicolaus lowered Synchronoss Technologies from a hold rating to a sell rating and reduced their price target for the stock from $8.00 to $3.00 in a research report on Monday, July 30th. Finally, ValuEngine upgraded Synchronoss Technologies from a hold rating to a buy rating in a research report on Thursday, November 1st. Three analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $6.38.

SNCR opened at $6.29 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.99 and a current ratio of 0.99. Synchronoss Technologies has a 1 year low of $3.90 and a 1 year high of $12.12.

Synchronoss Technologies (NASDAQ:SNCR) last posted its quarterly earnings results on Wednesday, November 7th. The software maker reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.47). Synchronoss Technologies had a negative return on equity of 48.08% and a negative net margin of 36.27%. The company had revenue of $83.30 million for the quarter, compared to the consensus estimate of $83.00 million. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, sell-side analysts expect that Synchronoss Technologies will post -2.62 earnings per share for the current year.

In related news, Director William J. Cadogan purchased 47,500 shares of Synchronoss Technologies stock in a transaction that occurred on Wednesday, August 29th. The shares were acquired at an average cost of $5.78 per share, for a total transaction of $274,550.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David D. Clark purchased 10,000 shares of Synchronoss Technologies stock in a transaction that occurred on Thursday, November 15th. The shares were bought at an average price of $5.94 per share, for a total transaction of $59,400.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 153,652 shares of company stock worth $898,362. 34.90% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNCR. FNY Investment Advisers LLC purchased a new stake in Synchronoss Technologies in the 3rd quarter worth approximately $171,000. Dynamic Technology Lab Private Ltd purchased a new stake in Synchronoss Technologies in the 2nd quarter worth approximately $258,000. Finally, Principal Financial Group Inc. lifted its holdings in Synchronoss Technologies by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 335,057 shares of the software maker’s stock worth $3,535,000 after buying an additional 7,946 shares during the period. Institutional investors and hedge funds own 10.97% of the company’s stock.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of things platforms, products, and solutions worldwide. Its products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.

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