Synchronoss Technologies, Inc. (SNCR) Expected to Post Quarterly Sales of $181.08 Million

Wall Street analysts expect Synchronoss Technologies, Inc. (NASDAQ:SNCR) to report $181.08 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Synchronoss Technologies’ earnings. The lowest sales estimate is $169.10 million and the highest is $192.00 million. Synchronoss Technologies reported sales of $157.55 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 14.9%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, August 16th.

According to Zacks, analysts expect that Synchronoss Technologies will report full year sales of $181.08 million for the current financial year, with estimates ranging from $684.95 million to $753.57 million. For the next year, analysts anticipate that the business will post sales of $784.67 million per share, with estimates ranging from $743.00 million to $827.66 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Synchronoss Technologies.

A number of research analysts recently issued reports on SNCR shares. Raymond James Financial, Inc. lowered Synchronoss Technologies from a “strong-buy” rating to an “outperform” rating in a report on Monday, May 1st. ValuEngine cut Synchronoss Technologies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. J P Morgan Chase & Co cut Synchronoss Technologies from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $65.00 to $27.00 in a research note on Thursday, April 27th. Credit Suisse Group cut Synchronoss Technologies from a “neutral” rating to an “underperform” rating and set a $13.00 target price on the stock. in a research note on Monday, May 22nd. Finally, Stifel Nicolaus lowered their target price on Synchronoss Technologies from $32.00 to $10.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Synchronoss Technologies currently has an average rating of “Hold” and an average price target of $24.00.

Synchronoss Technologies (NASDAQ:SNCR) traded up 0.24% during mid-day trading on Friday, reaching $16.65. 363,018 shares of the company traded hands. The firm’s 50-day moving average is $16.38 and its 200 day moving average is $21.35. Synchronoss Technologies has a 52-week low of $10.11 and a 52-week high of $49.94. The stock has a market capitalization of $732.32 million, a PE ratio of 37.00 and a beta of 1.74.

A number of large investors have recently bought and sold shares of SNCR. State of Alaska Department of Revenue raised its stake in Synchronoss Technologies by 4.0% in the first quarter. State of Alaska Department of Revenue now owns 4,720 shares of the software maker’s stock valued at $115,000 after buying an additional 180 shares during the period. Mckinley Capital Management LLC Delaware bought a new stake in Synchronoss Technologies during the first quarter valued at $118,000. Acrospire Investment Management LLC raised its stake in Synchronoss Technologies by 55,900.0% in the first quarter. Acrospire Investment Management LLC now owns 7,280 shares of the software maker’s stock valued at $178,000 after buying an additional 7,267 shares during the period. First Trust Advisors LP bought a new stake in Synchronoss Technologies during the first quarter valued at $212,000. Finally, BNP Paribas Arbitrage SA raised its stake in Synchronoss Technologies by 13.9% in the first quarter. BNP Paribas Arbitrage SA now owns 8,792 shares of the software maker’s stock valued at $215,000 after buying an additional 1,072 shares during the period. Hedge funds and other institutional investors own 90.44% 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.

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