Synchronoss Technologies (SNCR) Stock Rating Upgraded by Zacks Investment Research
Synchronoss Technologies (NASDAQ:SNCR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
A number of other research analysts have also commented on the stock. BidaskClub lowered shares of Synchronoss Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 9th. Deutsche Bank reaffirmed a “hold” rating and issued a $8.00 target price (down previously from $18.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $8.00 target price (down previously from $13.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $10.00 target price (down previously from $16.00) on shares of Synchronoss Technologies in a report on Wednesday, September 20th. Finally, Citigroup lifted their target price on shares of Synchronoss Technologies to $10.00 and gave the company a “hold” rating in a report on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $16.57.
Hedge funds have recently added to or reduced their stakes in the stock. Stephens Inc. AR purchased a new stake in Synchronoss Technologies during the second quarter worth about $5,360,000. Wealthsource Partners LLC boosted its holdings in Synchronoss Technologies by 241.5% during the second quarter. Wealthsource Partners LLC now owns 31,845 shares of the software maker’s stock worth $524,000 after buying an additional 22,520 shares in the last quarter. Airain ltd boosted its holdings in Synchronoss Technologies by 10.9% during the second quarter. Airain ltd now owns 73,469 shares of the software maker’s stock worth $1,209,000 after buying an additional 7,218 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Synchronoss Technologies by 405.9% during the second quarter. Oppenheimer & Co. Inc. now owns 55,275 shares of the software maker’s stock worth $909,000 after buying an additional 44,350 shares in the last quarter. Finally, Comerica Bank boosted its holdings in Synchronoss Technologies by 40.6% during the second quarter. Comerica Bank now owns 141,698 shares of the software maker’s stock worth $2,307,000 after buying an additional 40,928 shares in the last quarter. 68.17% of the stock is currently owned by hedge funds and other institutional investors.
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About Synchronoss Technologies
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.
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