Synchronoss Technologies (NASDAQ:SNCR) Lowered to Strong Sell Rating by 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 equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Monday, August 25th,Zacks.com reports.

Separately, Wall Street Zen downgraded shares of Synchronoss Technologies from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Synchronoss Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $13.00.

Synchronoss Technologies Stock Performance

Shares of SNCR traded down $0.08 during mid-day trading on Monday, reaching $6.02. The company's stock had a trading volume of 65,504 shares, compared to its average volume of 67,125. Synchronoss Technologies has a 1-year low of $5.88 and a 1-year high of $15.46. The stock has a market cap of $69.24 million, a P/E ratio of -2.88 and a beta of 1.65. The business has a 50-day simple moving average of $7.08 and a two-hundred day simple moving average of $8.39. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 3.67.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) last posted its earnings results on Monday, August 11th. The software maker reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $42.49 million for the quarter, compared to analyst estimates of $42.79 million. Synchronoss Technologies has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Synchronoss Technologies will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Synchronoss Technologies news, CEO Jeffrey George Miller sold 7,913 shares of Synchronoss Technologies 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 transaction, the chief executive officer directly owned 429,647 shares of the company's stock, valued at approximately $3,033,307.82. The trade was a 1.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 19.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SNCR. Two Sigma Investments LP raised its holdings in shares of Synchronoss Technologies by 140.8% in the 4th quarter. Two Sigma Investments LP now owns 67,141 shares of the software maker's stock worth $645,000 after acquiring an additional 39,256 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Synchronoss Technologies in the first quarter worth $914,000. JPMorgan Chase & Co. raised its stake in Synchronoss Technologies by 22.6% in the 4th quarter. JPMorgan Chase & Co. now owns 72,107 shares of the software maker's stock valued at $692,000 after acquiring an additional 13,310 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Synchronoss Technologies during the 4th quarter valued at approximately $404,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Synchronoss Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 106,408 shares of the software maker's stock worth $1,022,000 after acquiring an additional 1,851 shares during the period. 51.71% of the stock is 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.