Synchronoss Technologies, Inc. (NASDAQ:SNCR) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $40.66, but opened at $35.38. Synchronoss Technologies shares last traded at $32.57, with a volume of 3,425,390 shares traded.
The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by $0.02. The company earned $147.80 million during the quarter, compared to analyst estimates of $149.11 million. Synchronoss Technologies had a net margin of 3.38% and a return on equity of 11.36%. Synchronoss Technologies’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.61 EPS.
Several brokerages recently commented on SNCR. JPMorgan Chase & Co. began coverage on Synchronoss Technologies in a research note on Wednesday, January 25th. They issued an “overweight” rating and a $65.00 price target on the stock. Stifel Nicolaus decreased their price target on Synchronoss Technologies from $40.00 to $32.00 and set a “hold” rating on the stock in a research note on Thursday. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $55.00 price target on shares of Synchronoss Technologies in a research note on Tuesday, November 8th. Zacks Investment Research raised Synchronoss Technologies from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Friday, November 11th. Finally, Deutsche Bank AG lowered Synchronoss Technologies from a “buy” rating to a “hold” rating and decreased their price target for the company from $50.00 to $35.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $47.67.
In other news, Director Thomas J. Hopkins sold 27,500 shares of the business’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $41.65, for a total transaction of $1,145,375.00. Following the completion of the sale, the director now owns 45,799 shares in the company, valued at $1,907,528.35. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Karen Rosenberger sold 2,000 shares of the business’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $36.93, for a total value of $73,860.00. Following the sale, the chief financial officer now owns 36,545 shares of the company’s stock, valued at approximately $1,349,606.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,775 shares of company stock valued at $5,675,705. 11.00% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in SNCR. NEXT Financial Group Inc increased its stake in Synchronoss Technologies by 112.6% in the third quarter. NEXT Financial Group Inc now owns 2,455 shares of the company’s stock worth $101,000 after buying an additional 1,300 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Synchronoss Technologies by 22.7% in the second quarter. Teacher Retirement System of Texas now owns 5,653 shares of the company’s stock worth $180,000 after buying an additional 1,047 shares in the last quarter. Synovus Financial Corp bought a new stake in Synchronoss Technologies during the third quarter worth approximately $183,000. Yorktown Management & Research Co Inc bought a new stake in Synchronoss Technologies during the third quarter worth approximately $206,000. Finally, PNC Financial Services Group Inc. increased its stake in Synchronoss Technologies by 23.3% in the third quarter. PNC Financial Services Group Inc. now owns 7,227 shares of the company’s stock worth $298,000 after buying an additional 1,364 shares in the last quarter. Institutional investors own 82.69% of the company’s stock.
The company’s 50 day moving average price is $38.22 and its 200-day moving average price is $40.72. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 2613.08 and a beta of 2.28.
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About Synchronoss Technologies
Synchronoss Technologies, Inc (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks.
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