Synchronoss Technologies (NASDAQ:SNCR) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a report released on Friday.

A number of other brokerages also recently issued reports on SNCR. Roth Capital upgraded Synchronoss Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 25th. Roth Mkm raised Synchronoss Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $11.00 to $13.00 in a research note on Monday, November 25th.

Synchronoss Technologies Price Performance

Shares of SNCR opened at $10.89 on Friday. Synchronoss Technologies has a 1 year low of $6.02 and a 1 year high of $15.46. The company has a debt-to-equity ratio of 5.75, a current ratio of 1.88 and a quick ratio of 1.88. The company has a market capitalization of $125.14 million, a price-to-earnings ratio of -2.81 and a beta of 2.05. The business has a 50-day moving average of $9.47 and a 200-day moving average of $10.66.

Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.75. Synchronoss Technologies had a negative return on equity of 10.99% and a negative net margin of 20.00%. The company had revenue of $44.21 million during the quarter, compared to the consensus estimate of $43.76 million. As a group, equities research analysts anticipate that Synchronoss Technologies will post 0.1 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jeffrey George Miller sold 17,389 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $10.34, for a total transaction of $179,802.26. Following the completion of the sale, the chief executive officer now owns 336,232 shares in the company, valued at $3,476,638.88. The trade was a 4.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 17.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synchronoss Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Synchronoss Technologies by 54,341.7% during the third quarter. JPMorgan Chase & Co. now owns 58,797 shares of the software maker’s stock valued at $875,000 after acquiring an additional 58,689 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Synchronoss Technologies by 4.1% during the third quarter. Geode Capital Management LLC now owns 104,557 shares of the software maker’s stock valued at $1,557,000 after acquiring an additional 4,159 shares in the last quarter. Barclays PLC increased its holdings in shares of Synchronoss Technologies by 603.6% during the third quarter. Barclays PLC now owns 5,734 shares of the software maker’s stock valued at $85,000 after acquiring an additional 4,919 shares in the last quarter. State Street Corp increased its holdings in shares of Synchronoss Technologies by 12.9% during the third quarter. State Street Corp now owns 35,075 shares of the software maker’s stock valued at $522,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Synchronoss Technologies by 2.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 574,999 shares of the software maker’s stock valued at $5,468,000 after acquiring an additional 11,023 shares in the last quarter. Institutional investors own 51.71% of the company’s stock.

About Synchronoss Technologies

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.