Synchronoss Technologies (NASDAQ:SNCR) Downgraded by Wall Street Zen to "Hold"

Key Points

• Synchronoss Technologies has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, indicating a more cautious outlook for the company.
• Following its recent earnings report, Synchronoss reported an EPS of $0.10, significantly missing analysts' expectations and leading to concerns about its financial performance.
• Insider selling activity was noted, with key executives, including the director and CEO, decreasing their stock holdings by selling thousands of shares, which may impact investor confidence.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Synchronoss Technologies Trading Down 2.6%

NASDAQ:SNCR opened at $6.42 on Friday. The company has a 50-day moving average price of $7.20 and a 200-day moving average price of $8.68. Synchronoss Technologies has a 12 month low of $6.00 and a 12 month high of $15.46. The company has a current ratio of 1.72, a quick ratio of 2.05 and a debt-to-equity ratio of 3.67. The stock has a market cap of $73.83 million, a price-to-earnings ratio of -3.07 and a beta of 1.77.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) last posted its earnings results on Monday, August 11th. The software maker reported $0.10 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.15). Synchronoss Technologies had a negative return on equity of 3.77% and a negative net margin of 12.36%. The company had revenue of $42.49 million during the quarter, compared to analysts' expectations of $42.79 million. Equities analysts predict that Synchronoss Technologies will post 0.1 EPS for the current year.

Insider Activity

In other news, Director Laurie Harris sold 4,800 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $7.00, for a total value of $33,600.00. Following the completion of the sale, the director directly owned 47,632 shares of the company's stock, valued at approximately $333,424. This trade represents a 9.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey George Miller sold 7,913 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $7.06, for a total transaction of $55,865.78. Following the completion of the sale, the chief executive officer directly owned 429,647 shares of the company's stock, valued at approximately $3,033,307.82. This represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,074 shares of company stock valued at $226,417. Corporate insiders own 19.90% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. AWM Investment Company Inc. lifted its position in Synchronoss Technologies by 3.4% during the 2nd quarter. AWM Investment Company Inc. now owns 465,785 shares of the software maker's stock valued at $3,191,000 after acquiring an additional 15,177 shares during the period. Geode Capital Management LLC lifted its position in Synchronoss Technologies by 119.7% during the 2nd quarter. Geode Capital Management LLC now owns 235,606 shares of the software maker's stock valued at $1,614,000 after acquiring an additional 128,375 shares during the period. Marshall Wace LLP lifted its position in Synchronoss Technologies by 12.1% during the 2nd quarter. Marshall Wace LLP now owns 212,355 shares of the software maker's stock valued at $1,455,000 after acquiring an additional 22,917 shares during the period. Archon Capital Management LLC lifted its position in Synchronoss Technologies by 259.5% during the 2nd quarter. Archon Capital Management LLC now owns 163,631 shares of the software maker's stock valued at $1,121,000 after acquiring an additional 118,117 shares during the period. Finally, Ancora Advisors LLC lifted its position in Synchronoss Technologies by 762.4% during the 1st quarter. Ancora Advisors LLC now owns 146,871 shares of the software maker's stock valued at $1,599,000 after acquiring an additional 129,840 shares during the period. 51.71% of the stock is owned by hedge funds and other institutional investors.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.

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