Synchronoss Technologies (NASDAQ:SNCR) Downgraded by BidaskClub

BidaskClub downgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a sell rating to a strong sell rating in a research report sent to investors on Saturday, December 9th.

A number of other brokerages have also issued reports on SNCR. Deutsche Bank reiterated a hold rating and set a $8.00 price target (down previously from $18.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Citigroup boosted their price objective on Synchronoss Technologies to $10.00 and gave the stock a hold rating in a research note on Wednesday, September 20th. Stifel Nicolaus reissued a hold rating and issued a $10.00 price objective (down previously from $16.00) on shares of Synchronoss Technologies in a research note on Wednesday, September 20th. Credit Suisse Group reissued an underperform rating and issued a $8.00 price objective (down previously from $13.00) on shares of Synchronoss Technologies in a research note on Thursday, December 7th. Finally, Raymond James Financial downgraded Synchronoss Technologies from an outperform rating to an underperform rating and set a $18.00 price objective on the stock. in a research note on Tuesday, September 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Synchronoss Technologies has an average rating of Hold and a consensus price target of $16.57.

Shares of Synchronoss Technologies (NASDAQ SNCR) traded up $0.19 on Friday, hitting $9.13. The stock had a trading volume of 762,862 shares, compared to its average volume of 900,200. Synchronoss Technologies has a one year low of $8.48 and a one year high of $40.28. The firm has a market cap of $424.78, a price-to-earnings ratio of 20.75 and a beta of 1.56.

A number of hedge funds and other institutional investors have recently modified their holdings of SNCR. Dimensional Fund Advisors LP grew its stake in Synchronoss Technologies by 29.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,357,569 shares of the software maker’s stock valued at $38,782,000 after purchasing an additional 540,181 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Synchronoss Technologies in the second quarter valued at about $8,843,000. State of Wisconsin Investment Board grew its stake in Synchronoss Technologies by 108.5% in the third quarter. State of Wisconsin Investment Board now owns 679,010 shares of the software maker’s stock valued at $6,335,000 after purchasing an additional 353,388 shares in the last quarter. Stephens Inc. AR bought a new stake in shares of Synchronoss Technologies during the 2nd quarter worth about $5,360,000. Finally, Elk Creek Partners LLC boosted its stake in shares of Synchronoss Technologies by 11.7% during the 2nd quarter. Elk Creek Partners LLC now owns 2,339,095 shares of the software maker’s stock worth $38,478,000 after acquiring an additional 245,056 shares in the last quarter. Hedge funds and other institutional investors own 68.17% of the company’s stock.

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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.

Analyst Recommendations for Synchronoss Technologies (NASDAQ:SNCR)

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