Synchronoss Technologies (NASDAQ:SNCR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

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. “

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SNCR has been the topic of a number of other research reports. Deutsche Bank restated a “hold” rating and set a $8.00 price target (down previously from $18.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. BidaskClub downgraded Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 9th. Finally, Credit Suisse Group restated an “underperform” rating and set a $8.00 price target (down previously from $13.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $15.88.

Shares of Synchronoss Technologies (SNCR) opened at $10.61 on Friday. Synchronoss Technologies has a 12-month low of $6.51 and a 12-month high of $26.14. The firm has a market capitalization of $493.20, a PE ratio of 24.11 and a beta of 1.08.

In other news, Chairman Stephen G. Waldis sold 30,316 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $8.78, for a total transaction of $266,174.48. Following the transaction, the chairman now directly owns 542,770 shares of the company’s stock, valued at $4,765,520.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Stephen G. Waldis sold 36,624 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $8.92, for a total value of $326,686.08. Following the transaction, the chairman now directly owns 542,770 shares in the company, valued at $4,841,508.40. The disclosure for this sale can be found here. Insiders have sold 98,776 shares of company stock worth $876,377 over the last ninety days. Insiders own 10.50% of the company’s stock.

Several large investors have recently made changes to their positions in SNCR. Siris Capital Group LLC bought a new position in shares of Synchronoss Technologies during the fourth quarter valued at about $53,592,000. BlackRock Inc. grew its stake in shares of Synchronoss Technologies by 10.1% in the fourth quarter. BlackRock Inc. now owns 5,639,895 shares of the software maker’s stock worth $50,421,000 after purchasing an additional 517,759 shares during the last quarter. Millennium Management LLC grew its stake in shares of Synchronoss Technologies by 512.7% in the fourth quarter. Millennium Management LLC now owns 229,321 shares of the software maker’s stock worth $2,050,000 after purchasing an additional 191,896 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Synchronoss Technologies by 53.6% in the fourth quarter. Two Sigma Investments LP now owns 547,832 shares of the software maker’s stock worth $4,898,000 after purchasing an additional 191,084 shares during the last quarter. Finally, Retirement Systems of Alabama grew its stake in shares of Synchronoss Technologies by 183.7% in the third quarter. Retirement Systems of Alabama now owns 270,247 shares of the software maker’s stock worth $2,521,000 after purchasing an additional 175,000 shares during the last quarter. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

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Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.

Analyst Recommendations for Synchronoss Technologies (NASDAQ:SNCR)

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