Synchronoss Technologies (NASDAQ:SNCR) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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. “

Shares of SNCR opened at $2.24 on Wednesday. The firm has a market cap of $197.88 million, a PE ratio of -1.56 and a beta of 0.90. The company’s fifty day moving average is $2.57 and its two-hundred day moving average is $2.63. Synchronoss Technologies has a fifty-two week low of $2.15 and a fifty-two week high of $6.59. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.26.

Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Monday, November 8th. The software maker reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.16. The company had revenue of $69.75 million for the quarter, compared to analyst estimates of $68.26 million. Synchronoss Technologies had a negative net margin of 8.44% and a negative return on equity of 12.35%. During the same quarter last year, the business earned ($0.06) EPS. As a group, equities research analysts anticipate that Synchronoss Technologies will post -0.68 earnings per share for the current year.

Several large investors have recently bought and sold shares of SNCR. National Asset Management Inc. bought a new stake in shares of Synchronoss Technologies in the 3rd quarter worth about $96,000. Cannell Capital LLC boosted its holdings in shares of Synchronoss Technologies by 179.1% in the 3rd quarter. Cannell Capital LLC now owns 6,214,512 shares of the software maker’s stock valued at $14,915,000 after buying an additional 3,988,158 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of Synchronoss Technologies by 167.1% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 38,800 shares of the software maker’s stock valued at $93,000 after buying an additional 24,276 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of Synchronoss Technologies by 22.2% in the 3rd quarter. GSA Capital Partners LLP now owns 165,577 shares of the software maker’s stock valued at $397,000 after buying an additional 30,104 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Synchronoss Technologies by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 378,326 shares of the software maker’s stock valued at $907,000 after purchasing an additional 23,528 shares during the period. Institutional investors and hedge funds own 47.62% of the company’s stock.

About Synchronoss Technologies

Synchronoss Technologies, Inc engages in the provision of cloud and enterprise solutions. The firm offers software-based activation for connected devices globally. Its platform includes cloud home, personal cloud content transfer and out-of-box experience, advance messaging and email suite, journey creation and advisor, digital coach, digital portal, activation, Internet of Things (IoT), and smart buildings.

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