Zacks: Brokerages Anticipate Synchronoss Technologies, Inc. (SNCR) Will Announce Quarterly Sales of $83.00 Million

Equities analysts forecast that Synchronoss Technologies, Inc. (NASDAQ:SNCR) will post sales of $83.00 million for the current quarter, according to Zacks. Two analysts have provided estimates for Synchronoss Technologies’ earnings, with the lowest sales estimate coming in at $82.00 million and the highest estimate coming in at $84.00 million. The company is expected to issue its next quarterly earnings report on Thursday, November 8th.

According to Zacks, analysts expect that Synchronoss Technologies will report full year sales of $329.73 million for the current fiscal year, with estimates ranging from $329.45 million to $330.00 million. For the next year, analysts forecast that the firm will report sales of $323.88 million, with estimates ranging from $305.00 million to $342.76 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Synchronoss Technologies.

Synchronoss Technologies (NASDAQ:SNCR) last issued its quarterly earnings data on Thursday, August 9th. The software maker reported ($0.68) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.70) by $0.02. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $78.00 million.

Several brokerages have recently issued reports on SNCR. Stifel Nicolaus cut shares of Synchronoss Technologies from a “hold” rating to a “sell” rating and lowered their price objective for the company from $8.00 to $3.00 in a research note on Monday, July 30th. Zacks Investment Research lowered shares of Synchronoss Technologies from a “hold” rating to a “sell” rating in a report on Friday, August 10th. Four equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. The company has a consensus rating of “Sell” and a consensus target price of $7.75.

In other news, Director William J. Cadogan purchased 96,152 shares of Synchronoss Technologies stock in a transaction that occurred on Thursday, September 6th. The stock was acquired at an average price of $5.87 per share, for a total transaction of $564,412.24. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William J. Cadogan bought 47,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was bought at an average price of $5.78 per share, with a total value of $274,550.00. The disclosure for this purchase can be found here. Insiders bought 200,000 shares of company stock valued at $1,130,281 over the last quarter. Insiders own 10.50% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Elk Creek Partners LLC grew its stake in Synchronoss Technologies by 4.4% in the 1st quarter. Elk Creek Partners LLC now owns 2,596,962 shares of the software maker’s stock valued at $27,398,000 after buying an additional 109,130 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Synchronoss Technologies in the 2nd quarter valued at about $258,000. Element Capital Management LLC acquired a new stake in Synchronoss Technologies in the 1st quarter valued at about $361,000. Jane Street Group LLC acquired a new stake in Synchronoss Technologies in the 1st quarter valued at about $353,000. Finally, Russell Investments Group Ltd. grew its position in shares of Synchronoss Technologies by 44.3% during the 1st quarter. Russell Investments Group Ltd. now owns 107,091 shares of the software maker’s stock worth $1,130,000 after buying an additional 32,869 shares during the period. Institutional investors own 80.41% of the company’s stock.

SNCR stock traded down $0.15 during midday trading on Friday, hitting $5.40. The stock had a trading volume of 70,059 shares, compared to its average volume of 820,540. Synchronoss Technologies has a 12-month low of $3.90 and a 12-month high of $15.69.

Synchronoss Technologies Company Profile

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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