Synacor (NASDAQ:SYNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, May 31st. The brokerage presently has a $2.00 price target on the information services provider’s stock. Zacks Investment Research‘s price target suggests a potential downside of 2.44% from the stock’s current price.
According to Zacks, “Synacor, Inc. is a provider of solutions for delivery of online content and services. Synacor clients including cable, telecom, satellite and consumer electronics companies, use Synacor’s Platform to deliver TV shows, movies, music, news, games, sports, email, tech support and other value-added services to their end-customers, across multiple connected devices. Its platform includes Website design and development, unified registration and login (single sign-on), billing integration, personalization, video delivery capability, content management system, household management, toolbar and television listings. Synacor, Inc. is headquartered in Buffalo, New York. “
SYNC has been the subject of a number of other reports. ValuEngine upgraded Synacor from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. Canaccord Genuity downgraded Synacor from a “buy” rating to a “hold” rating and set a $5.00 target price for the company. in a report on Friday, March 16th.
Synacor (NASDAQ:SYNC) last issued its earnings results on Wednesday, May 9th. The information services provider reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.02. The business had revenue of $32.92 million during the quarter. Synacor had a negative return on equity of 12.52% and a negative net margin of 3.75%. equities analysts predict that Synacor will post -0.09 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in Synacor by 161.6% in the third quarter. Dimensional Fund Advisors LP now owns 41,978 shares of the information services provider’s stock worth $113,000 after purchasing an additional 25,929 shares in the last quarter. Raffles Associates LP bought a new stake in shares of Synacor during the fourth quarter valued at approximately $185,000. Alambic Investment Management L.P. increased its holdings in shares of Synacor by 525.8% during the first quarter. Alambic Investment Management L.P. now owns 102,000 shares of the information services provider’s stock valued at $163,000 after acquiring an additional 85,700 shares in the last quarter. Cowen Prime Services LLC increased its holdings in shares of Synacor by 42.0% during the first quarter. Cowen Prime Services LLC now owns 209,757 shares of the information services provider’s stock valued at $336,000 after acquiring an additional 62,084 shares in the last quarter. Finally, Emancipation Management LLC bought a new stake in shares of Synacor during the first quarter valued at approximately $731,000. Institutional investors and hedge funds own 28.08% of the company’s stock.
Synacor, Inc operates as a technology development, multiplatform services, and revenue partner for video, Internet, and communications providers; and device manufacturers, governments, and enterprises. It enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, and actionable data and implementation.
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