Synchronoss Technologies (NASDAQ:SNCR) Given “Buy” Rating at Northland Securities

Synchronoss Technologies (NASDAQ:SNCR)‘s stock had its “buy” rating reiterated by stock analysts at Northland Securities in a note issued to investors on Monday, AnalystRatings.com reports. They presently have a $6.50 price target on the software maker’s stock. Northland Securities’ price target suggests a potential upside of 112.42% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Synchronoss Technologies from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Saturday, March 13th. Canaccord Genuity restated a “buy” rating and issued a $9.00 target price on shares of Synchronoss Technologies in a research note on Monday, March 8th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Synchronoss Technologies presently has an average rating of “Buy” and a consensus price target of $7.50.

NASDAQ SNCR opened at $3.06 on Monday. The firm’s 50 day moving average price is $3.89 and its 200-day moving average price is $3.87. Synchronoss Technologies has a 52-week low of $2.17 and a 52-week high of $6.59. The company has a market cap of $135.14 million, a PE ratio of -2.45 and a beta of 1.21.

Synchronoss Technologies (NASDAQ:SNCR) last released its quarterly earnings data on Sunday, March 7th. The software maker reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.01. The firm had revenue of $69.38 million for the quarter, compared to the consensus estimate of $67.34 million. Synchronoss Technologies had a negative net margin of 5.05% and a positive return on equity of 24.27%. As a group, equities research analysts expect that Synchronoss Technologies will post -0.47 earnings per share for the current year.

In other Synchronoss Technologies news, CFO David D. Clark sold 6,423 shares of the firm’s stock in a transaction on Friday, March 12th. The shares were sold at an average price of $4.46, for a total value of $28,646.58. Following the completion of the transaction, the chief financial officer now owns 226,103 shares of the company’s stock, valued at $1,008,419.38. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders sold 21,831 shares of company stock valued at $100,538. Corporate insiders own 30.50% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC raised its holdings in shares of Synchronoss Technologies by 8.0% during the fourth quarter. Renaissance Technologies LLC now owns 574,898 shares of the software maker’s stock worth $2,702,000 after purchasing an additional 42,500 shares during the last quarter. Bouvel Investment Partners LLC raised its holdings in shares of Synchronoss Technologies by 40.9% during the first quarter. Bouvel Investment Partners LLC now owns 345,262 shares of the software maker’s stock worth $1,233,000 after purchasing an additional 100,286 shares during the last quarter. Norges Bank purchased a new position in shares of Synchronoss Technologies during the fourth quarter worth $1,234,000. Engineers Gate Manager LP raised its holdings in shares of Synchronoss Technologies by 71.7% during the fourth quarter. Engineers Gate Manager LP now owns 98,991 shares of the software maker’s stock worth $465,000 after purchasing an additional 41,330 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Synchronoss Technologies during the fourth quarter worth $392,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of Things (IoT) platforms, products, and solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific. Its platforms, products, and solutions include digital experience management platform as a service, which includes digital journey creation and journey design products that use analytics that power digital advisor products for IT and business channel owners; and cloud sync, backup, storage, device set up, content transfer, and content engagement for user generated content.

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