Synchronoss Technologies, Inc. (NASDAQ:SNCR) Expected to Post Earnings of -$0.22 Per Share

Analysts expect Synchronoss Technologies, Inc. (NASDAQ:SNCR) to post earnings of ($0.22) per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Synchronoss Technologies’ earnings, with the lowest EPS estimate coming in at ($0.29) and the highest estimate coming in at ($0.13). Synchronoss Technologies reported earnings of $0.16 per share during the same quarter last year, which indicates a negative year over year growth rate of 237.5%. The firm is expected to issue its next quarterly earnings report on Monday, August 9th.

According to Zacks, analysts expect that Synchronoss Technologies will report full year earnings of ($0.50) per share for the current financial year, with EPS estimates ranging from ($0.59) to ($0.39). For the next fiscal year, analysts anticipate that the company will report earnings of $0.05 per share, with EPS estimates ranging from ($0.01) to $0.11. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that cover Synchronoss Technologies.

Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings results on Monday, May 10th. The software maker reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.03. The business had revenue of $65.50 million during the quarter, compared to the consensus estimate of $64.40 million. Synchronoss Technologies had a negative net margin of 6.80% and a positive return on equity of 16.85%.

A number of brokerages have recently commented on SNCR. Zacks Investment Research downgraded shares of Synchronoss Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, May 12th. Roth Capital reiterated a “buy” rating and set a $9.00 price target on shares of Synchronoss Technologies in a report on Wednesday, June 23rd. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $7.40 price target on shares of Synchronoss Technologies in a report on Wednesday, June 23rd. Canaccord Genuity decreased their target price on shares of Synchronoss Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, May 11th. Finally, Northland Securities assumed coverage on shares of Synchronoss Technologies in a research report on Friday, July 2nd. They issued a “buy” rating and a $6.50 target price on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $6.86.

Shares of NASDAQ SNCR traded down $0.11 during midday trading on Thursday, reaching $2.93. 8,461 shares of the stock were exchanged, compared to its average volume of 3,075,366. Synchronoss Technologies has a 52-week low of $2.35 and a 52-week high of $6.59. The stock’s 50 day simple moving average is $3.02.

In other Synchronoss Technologies news, CFO David D. Clark sold 19,039 shares of Synchronoss Technologies stock in a transaction that occurred on Thursday, July 8th. The shares were sold at an average price of $3.07, for a total transaction of $58,449.73. Following the transaction, the chief financial officer now directly owns 293,550 shares of the company’s stock, valued at $901,198.50. The sale was disclosed in a filing with the SEC, which is available at this link. 30.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC lifted its position in Synchronoss Technologies by 0.8% during the first quarter. Acadian Asset Management LLC now owns 1,318,158 shares of the software maker’s stock valued at $4,705,000 after buying an additional 10,741 shares in the last quarter. G2 Investment Partners Management LLC lifted its position in Synchronoss Technologies by 126.6% during the first quarter. G2 Investment Partners Management LLC now owns 750,000 shares of the software maker’s stock valued at $2,678,000 after buying an additional 418,988 shares in the last quarter. Geode Capital Management LLC lifted its position in Synchronoss Technologies by 8.2% during the first quarter. Geode Capital Management LLC now owns 644,430 shares of the software maker’s stock valued at $2,300,000 after buying an additional 48,944 shares in the last quarter. Renaissance Technologies LLC lifted its position in Synchronoss Technologies by 3.3% during the first quarter. Renaissance Technologies LLC now owns 593,898 shares of the software maker’s stock valued at $2,120,000 after buying an additional 19,000 shares in the last quarter. Finally, Bouvel Investment Partners LLC lifted its position in Synchronoss Technologies by 40.9% during the first quarter. Bouvel Investment Partners LLC now owns 345,262 shares of the software maker’s stock valued at $1,233,000 after buying an additional 100,286 shares in the last quarter. 45.70% of the stock is currently owned by hedge funds and other institutional investors.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, digital, messaging, and network management platforms, products, and solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its platforms, products, and solutions include cloud sync, backup, storage, device set up, content transfer, and content engagement for user generated content; multi-channel messaging peer-to-peer communications and application-to-person commerce solutions; customer journey and workflow design, development, orchestration, and experience management solutions; and telecom network infrastructure designing, procuring, managing, and optimizing solutions.

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