Zacks Investment Research cut shares of Synchronoss Technologies (NASDAQ:SNCR) from a buy rating to a hold rating in a report released on Saturday.
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. “
Separately, BidaskClub lowered Synchronoss Technologies from a sell rating to a strong sell rating in a research report on Saturday, December 9th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Synchronoss Technologies has an average rating of Hold and an average price target of $13.29.
In other Synchronoss Technologies news, Chairman Stephen G. Waldis sold 30,316 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $8.78, for a total value of $266,174.48. Following the sale, the chairman now owns 542,770 shares in the company, valued at approximately $4,765,520.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Stephen G. Waldis sold 36,624 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $8.92, for a total value of $326,686.08. Following the completion of the sale, the chairman now owns 542,770 shares in the company, valued at approximately $4,841,508.40. The disclosure for this sale can be found here. Insiders sold a total of 98,776 shares of company stock worth $876,377 in the last quarter. Corporate insiders own 10.50% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Municipal Employees Retirement System of Michigan boosted its position in shares of Synchronoss Technologies by 60.2% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 16,180 shares of the software maker’s stock valued at $151,000 after purchasing an additional 6,080 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Synchronoss Technologies by 8.4% during the 4th quarter. Rhumbline Advisers now owns 102,255 shares of the software maker’s stock valued at $914,000 after purchasing an additional 7,933 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Synchronoss Technologies by 60.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,111 shares of the software maker’s stock valued at $206,000 after purchasing an additional 8,316 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Synchronoss Technologies by 20.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 56,175 shares of the software maker’s stock valued at $502,000 after purchasing an additional 9,650 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Synchronoss Technologies by 2.5% during the 4th quarter. Two Sigma Advisers LP now owns 523,754 shares of the software maker’s stock valued at $4,682,000 after purchasing an additional 12,600 shares in the last quarter. Hedge funds and other institutional investors own 81.42% of the company’s stock.
Synchronoss Technologies Company Profile
Synchronoss Technologies, Inc provides cloud solutions and software-based activation for connected devices worldwide. The company's 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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