Synchronoss Technologies (NASDAQ:SNCR) Earns “Sell” Rating from Zacks Investment Research

Zacks Investment Research reissued their sell rating on shares of Synchronoss Technologies (NASDAQ:SNCR) in a research note released on Saturday, reports.

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. “

SNCR has been the topic of several other research reports. ValuEngine raised Synchronoss Technologies from a buy rating to a strong-buy rating in a research report on Monday, May 13th. Roth Capital assumed coverage on Synchronoss Technologies in a research report on Tuesday, June 18th. They set a buy rating and a $13.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Synchronoss Technologies presently has a consensus rating of Buy and a consensus price target of $8.92.

SNCR stock opened at $7.94 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.39. The firm has a market cap of $339.18 million, a price-to-earnings ratio of -1.62 and a beta of 0.51. The firm has a 50-day moving average of $6.95. Synchronoss Technologies has a 1 year low of $3.90 and a 1 year high of $8.56.

Synchronoss Technologies (NASDAQ:SNCR) last issued its earnings results on Thursday, May 9th. The software maker reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.01). Synchronoss Technologies had a negative return on equity of 76.17% and a negative net margin of 67.57%. The business had revenue of $88.11 million for the quarter, compared to analyst estimates of $83.37 million. On average, equities analysts anticipate that Synchronoss Technologies will post -1.78 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors purchased a new position in Synchronoss Technologies during the 1st quarter worth approximately $30,000. United Services Automobile Association purchased a new position in shares of Synchronoss Technologies in the 4th quarter valued at approximately $72,000. Jane Street Group LLC purchased a new position in shares of Synchronoss Technologies in the 4th quarter valued at approximately $73,000. Deutsche Bank AG purchased a new position in shares of Synchronoss Technologies in the 4th quarter valued at approximately $95,000. Finally, Alambic Investment Management L.P. purchased a new position in shares of Synchronoss Technologies in the 1st quarter valued at approximately $98,000. Hedge funds and other institutional investors own 41.20% of the company’s stock.

About Synchronoss Technologies

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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