Synchronoss Technologies (SNCR) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $11.00 price target on the software maker’s stock.
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 brokerages have also recently issued reports on SNCR. Credit Suisse Group reaffirmed an underperform rating and issued a $8.00 target price (down from $13.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Deutsche Bank reaffirmed a hold rating and issued a $8.00 target price (down from $18.00) on shares of Synchronoss Technologies in a report on Thursday, December 7th. Finally, BidaskClub cut shares of Synchronoss Technologies from a sell rating to a strong sell rating in a report on Saturday, December 9th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $15.88.
In other news, Chairman Stephen G. Waldis sold 36,624 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $8.92, for a total transaction of $326,686.08. Following the completion of the transaction, the chairman now directly owns 542,770 shares of the company’s stock, valued at approximately $4,841,508.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Stephen G. Waldis sold 30,316 shares of the firm’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 98,776 shares of company stock valued at $876,377. Corporate insiders own 10.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in SNCR. Nationwide Fund Advisors grew its stake in Synchronoss Technologies by 86.8% in the 3rd quarter. Nationwide Fund Advisors now owns 53,365 shares of the software maker’s stock worth $498,000 after acquiring an additional 24,800 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in Synchronoss Technologies in the 3rd quarter worth approximately $113,000. BNP Paribas Arbitrage SA grew its stake in Synchronoss Technologies by 60.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,111 shares of the software maker’s stock worth $206,000 after acquiring an additional 8,316 shares during the period. Retirement Systems of Alabama grew its stake in Synchronoss Technologies by 183.7% in the 3rd quarter. Retirement Systems of Alabama now owns 270,247 shares of the software maker’s stock worth $2,521,000 after acquiring an additional 175,000 shares during the period. Finally, Municipal Employees Retirement System of Michigan grew its stake in Synchronoss Technologies by 60.2% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 16,180 shares of the software maker’s stock worth $151,000 after acquiring an additional 6,080 shares during the period. 81.30% of the stock is 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.
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