Synchronoss Technologies (NASDAQ:SNCR) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Synchronoss Technologies from a "hold" to a "strong sell" rating, indicating a negative outlook on the stock's performance.
• The company reported quarterly earnings of $0.10 per share, missing analysts' expectations of $0.25, and provided fiscal year 2025 guidance of 0.1 earnings per share.
• Multiple hedge funds increased their holdings in Synchronoss Technologies, reflecting ongoing institutional interest despite recent downgrades from analysts.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Monday,Zacks.com reports.

Separately, Wall Street Zen downgraded shares of Synchronoss Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $13.00.

Synchronoss Technologies Price Performance

Synchronoss Technologies stock traded down $0.08 during mid-day trading on Monday, reaching $6.02. 65,504 shares of the company's stock traded hands, compared to its average volume of 69,103. The company has a market cap of $69.23 million, a price-to-earnings ratio of -2.88 and a beta of 1.77. The stock has a 50 day moving average of $7.08 and a two-hundred day moving average of $8.40. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 3.67. Synchronoss Technologies has a 12-month low of $5.88 and a 12-month high of $15.46.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The software maker reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.15). The business had revenue of $42.49 million for the quarter, compared to analysts' expectations of $42.79 million. Synchronoss Technologies had a negative net margin of 12.36% and a negative return on equity of 3.77%. Synchronoss Technologies has set its FY 2025 guidance at EPS. Equities analysts forecast that Synchronoss Technologies will post 0.1 earnings per share for the current year.

Insiders Place Their Bets

In other Synchronoss Technologies news, CEO Jeffrey George Miller sold 8,004 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $6.99, for a total transaction of $55,947.96. Following the transaction, the chief executive officer owned 437,560 shares in the company, valued at $3,058,544.40. The trade was a 1.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Laurie Harris sold 4,800 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $7.00, for a total transaction of $33,600.00. Following the completion of the transaction, the director owned 47,632 shares in the company, valued at approximately $333,424. The trade was a 9.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,717 shares of company stock worth $145,414 in the last quarter. Company insiders own 19.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Synchronoss Technologies in the second quarter worth about $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Synchronoss Technologies in the second quarter worth about $40,000. Headlands Technologies LLC grew its holdings in shares of Synchronoss Technologies by 195.0% in the second quarter. Headlands Technologies LLC now owns 8,638 shares of the software maker's stock worth $59,000 after purchasing an additional 5,710 shares during the last quarter. Silverberg Bernstein Capital Management LLC bought a new position in shares of Synchronoss Technologies in the second quarter worth about $72,000. Finally, American Century Companies Inc. purchased a new stake in Synchronoss Technologies in the second quarter worth about $88,000. 51.71% of the stock is currently owned by institutional investors.

About Synchronoss Technologies

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.