Synchronoss Technologies (SNCR) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a hold rating to a buy rating in a research note published on Wednesday. The brokerage currently has $12.00 price objective on the software maker’s stock.

According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “

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NASDAQ SNCR opened at $11.62 on Wednesday. Synchronoss Technologies has a 1 year low of $6.51 and a 1 year high of $24.92.

In related news, Chairman Stephen G. Waldis sold 36,624 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $8.92, for a total transaction of $326,686.08. Following the completion of the sale, the chairman now directly owns 542,770 shares of the company’s stock, valued at approximately $4,841,508.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert Garcia sold 27,116 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $8.94, for a total transaction of $242,417.04. Following the sale, the insider now directly owns 173,980 shares of the company’s stock, valued at $1,555,381.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 98,776 shares of company stock valued at $876,377. 10.50% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Municipal Employees Retirement System of Michigan boosted its holdings in Synchronoss Technologies by 60.2% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 16,180 shares of the software maker’s stock valued at $151,000 after purchasing an additional 6,080 shares during the period. Rhumbline Advisers boosted its holdings in Synchronoss Technologies by 8.4% in the 4th quarter. Rhumbline Advisers now owns 102,255 shares of the software maker’s stock valued at $914,000 after purchasing an additional 7,933 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in Synchronoss Technologies by 60.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,111 shares of the software maker’s stock valued at $206,000 after purchasing an additional 8,316 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in Synchronoss Technologies by 20.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 56,175 shares of the software maker’s stock valued at $502,000 after purchasing an additional 9,650 shares during the period. Finally, Two Sigma Advisers LP boosted its holdings in Synchronoss Technologies by 2.5% in the 4th quarter. Two Sigma Advisers LP now owns 523,754 shares of the software maker’s stock valued at $4,682,000 after purchasing an additional 12,600 shares during the period. 81.42% of the stock is owned by hedge funds and other institutional investors.

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About Synchronoss Technologies

Synchronoss Technologies, Inc provides cloud solutions and software-based activation for connected devices worldwide. The company's products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices.

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