Synchronoss Technologies, Inc. (SNCR) Cut to “Underperform” at Raymond James Financial, Inc.

Raymond James Financial, Inc. downgraded shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) from an outperform rating to an underperform rating in a report published on Tuesday morning. The firm currently has $18.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently commented on SNCR. Credit Suisse Group cut Synchronoss Technologies from a neutral rating to an underperform rating and set a $13.00 target price on the stock. in a report on Monday, May 22nd. ValuEngine cut Synchronoss Technologies from a buy rating to a hold rating in a report on Friday, June 2nd. Drexel Hamilton cut Synchronoss Technologies from a buy rating to a hold rating in a report on Wednesday, June 14th. Stifel Nicolaus reissued a hold rating and set a $16.00 target price on shares of Synchronoss Technologies in a report on Friday, June 23rd. Finally, Zacks Investment Research raised Synchronoss Technologies from a strong sell rating to a hold rating in a report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $20.13.

Synchronoss Technologies (NASDAQ:SNCR) traded down 5.14% during midday trading on Tuesday, hitting $8.85. The company had a trading volume of 1,267,295 shares. The company’s 50 day moving average is $16.42 and its 200 day moving average is $17.82. Synchronoss Technologies has a 12-month low of $8.76 and a 12-month high of $49.94. The stock has a market cap of $389.25 million, a price-to-earnings ratio of 19.67 and a beta of 1.69.

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A number of institutional investors have recently bought and sold shares of SNCR. Great West Life Assurance Co. Can grew its position in Synchronoss Technologies by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 58,409 shares of the software maker’s stock worth $1,425,000 after buying an additional 3,509 shares during the last quarter. First Trust Advisors LP acquired a new position in Synchronoss Technologies in the first quarter worth approximately $212,000. US Bancorp DE grew its position in Synchronoss Technologies by 12.0% in the first quarter. US Bancorp DE now owns 12,920 shares of the software maker’s stock worth $315,000 after buying an additional 1,388 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Synchronoss Technologies by 13.9% in the first quarter. BNP Paribas Arbitrage SA now owns 8,792 shares of the software maker’s stock worth $215,000 after buying an additional 1,072 shares during the last quarter. Finally, Comerica Bank grew its position in Synchronoss Technologies by 6.8% in the first quarter. Comerica Bank now owns 100,770 shares of the software maker’s stock worth $1,339,000 after buying an additional 6,455 shares during the last quarter. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company’s portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions.

Analyst Recommendations for Synchronoss Technologies (NASDAQ:SNCR)

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