Synacor, Inc. (SYNC) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Synacor, Inc. (NASDAQ:SYNC) from a sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Synacor, Inc. is a provider of solutions for delivery of online content and services. Synacor clients including cable, telecom, satellite and consumer electronics companies, use Synacor’s Platform to deliver TV shows, movies, music, news, games, sports, email, tech support and other value-added services to their end-customers, across multiple connected devices. Its platform includes Website design and development, unified registration and login (single sign-on), billing integration, personalization, video delivery capability, content management system, household management, toolbar and television listings. Synacor, Inc. is headquartered in Buffalo, New York. “
A number of other equities analysts have also recently weighed in on SYNC. Canaccord Genuity dropped their price target on Synacor from $8.00 to $6.00 and set a buy rating on the stock in a research note on Thursday, August 10th. ValuEngine raised Synacor from a sell rating to a hold rating in a research note on Monday, September 11th. Finally, Craig Hallum cut Synacor from a buy rating to a hold rating and lifted their price target for the stock from $3.55 to $4.00 in a research note on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $5.25.
Synacor (SYNC) traded down 7.69% during midday trading on Wednesday, hitting $2.40. 281,165 shares of the company’s stock traded hands. The company has a 50 day moving average of $2.67 and a 200-day moving average of $3.23. The company’s market capitalization is $92.80 million. Synacor has a 52 week low of $2.30 and a 52 week high of $4.25.
Synacor (NASDAQ:SYNC) last issued its quarterly earnings results on Wednesday, August 9th. The information services provider reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.02. The firm had revenue of $31.22 million for the quarter, compared to analysts’ expectations of $29.43 million. Synacor had a negative return on equity of 39.21% and a negative net margin of 13.14%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities research analysts predict that Synacor will post ($0.32) earnings per share for the current year.
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Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in Synacor by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 47,048 shares of the information services provider’s stock valued at $195,000 after acquiring an additional 400 shares in the last quarter. Cowen Prime Services LLC grew its stake in Synacor by 67.0% during the 2nd quarter. Cowen Prime Services LLC now owns 58,525 shares of the information services provider’s stock valued at $214,000 after acquiring an additional 23,472 shares in the last quarter. Northern Trust Corp grew its stake in Synacor by 27.5% during the 2nd quarter. Northern Trust Corp now owns 59,744 shares of the information services provider’s stock valued at $218,000 after acquiring an additional 12,875 shares in the last quarter. Prudential Financial Inc. purchased a new position in Synacor during the 2nd quarter valued at about $274,000. Finally, Acadian Asset Management LLC grew its stake in Synacor by 9.7% during the 2nd quarter. Acadian Asset Management LLC now owns 85,433 shares of the information services provider’s stock valued at $312,000 after acquiring an additional 7,576 shares in the last quarter. 28.08% of the stock is currently owned by institutional investors.
Synacor, Inc is a technology development, multiplatform services and revenue partner for video, Internet and communications providers, device manufacturers and enterprises. The Company enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, actionable data and implementation.
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