Synchronoss Technologies (NASDAQ:SNCR) Sees Strong Trading Volume

Synchronoss Technologies, Inc. (NASDAQ:SNCR) shares saw strong trading volume on Friday . 4,825,301 shares were traded during mid-day trading, an increase of 1,309% from the previous session’s volume of 342,450 shares.The stock last traded at $7.91 and had previously closed at $7.55.

A number of research analysts recently commented on the stock. Zacks Investment Research lowered shares of Synchronoss Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, June 12th. ValuEngine upgraded shares of Synchronoss Technologies from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 13th. Finally, Roth Capital assumed coverage on shares of Synchronoss Technologies in a research note on Tuesday, June 18th. They issued a “buy” rating and a $13.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $8.92.

The stock’s 50 day moving average price is $6.83. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.16 and a current ratio of 1.16.

Synchronoss Technologies (NASDAQ:SNCR) last announced its quarterly earnings results on Thursday, May 9th. The software maker reported ($0.50) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.01). Synchronoss Technologies had a negative net margin of 67.57% and a negative return on equity of 76.17%. The company had revenue of $88.11 million during the quarter, compared to analyst estimates of $83.37 million. Equities research analysts expect that Synchronoss Technologies, Inc. will post -1.78 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SNCR. Elk Creek Partners LLC bought a new stake in Synchronoss Technologies in the 4th quarter valued at about $19,951,000. Dimensional Fund Advisors LP bought a new stake in Synchronoss Technologies in the 4th quarter valued at about $9,209,000. Geode Capital Management LLC bought a new stake in Synchronoss Technologies in the 4th quarter valued at about $2,073,000. BlackRock Inc. bought a new stake in Synchronoss Technologies in the 4th quarter valued at about $1,694,000. Finally, Norges Bank bought a new stake in Synchronoss Technologies in the 4th quarter valued at about $1,612,000. 41.20% of the stock is owned by hedge funds and other institutional investors.

Synchronoss Technologies Company Profile (NASDAQ:SNCR)

Synchronoss Technologies, Inc provides cloud, digital, messaging, and Internet of things platforms, products, and solutions worldwide. Its products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.

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