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

Brokerages expect Synchronoss Technologies, Inc. (NASDAQ:SNCR) to report ($0.22) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Synchronoss Technologies’ earnings, with estimates ranging from ($0.29) to ($0.13). Synchronoss Technologies reported earnings per share of $0.16 during the same quarter last year, which would suggest a negative year over year growth rate of 237.5%. The firm is scheduled to announce its next 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 year, with EPS estimates ranging from ($0.59) to ($0.39). For the next year, analysts expect that the firm will post earnings of $0.05 per share, with EPS estimates ranging from ($0.01) to $0.11. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Synchronoss Technologies.

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

A number of research firms have commented on SNCR. LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $7.40 price target on shares of Synchronoss Technologies in a research report on Wednesday, June 23rd. Zacks Investment Research lowered Synchronoss Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, May 12th. Canaccord Genuity reduced their price target on Synchronoss Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, May 11th. Northland Securities began coverage on Synchronoss Technologies in a research report on Friday, July 2nd. They issued a “buy” rating and a $6.50 price target on the stock. Finally, B. Riley began coverage on Synchronoss Technologies in a research report on Wednesday, June 30th. They issued a “buy” rating and a $5.25 price target on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $6.86.

SNCR traded down $0.11 on Thursday, reaching $2.93. The stock had a trading volume of 8,461 shares, compared to its average volume of 3,075,366. Synchronoss Technologies has a fifty-two week low of $2.35 and a fifty-two week high of $6.59. The firm’s 50-day moving average price is $3.02.

In related news, CFO David D. Clark sold 19,039 shares of the company’s stock in a transaction dated Thursday, July 8th. The stock was sold at an average price of $3.07, for a total transaction of $58,449.73. Following the sale, the chief financial officer now owns 293,550 shares in the company, valued at approximately $901,198.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 30.70% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Regent Peak Wealth Advisors LLC bought a new stake in shares of Synchronoss Technologies during the 1st quarter valued at about $101,000. Financial Advocates Investment Management bought a new position in Synchronoss Technologies in the fourth quarter worth approximately $47,000. Strs Ohio boosted its holdings in Synchronoss Technologies by 100.1% in the first quarter. Strs Ohio now owns 167,100 shares of the software maker’s stock worth $596,000 after acquiring an additional 83,600 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Synchronoss Technologies by 18.4% in the first quarter. BNP Paribas Arbitrage SA now owns 28,297 shares of the software maker’s stock worth $101,000 after acquiring an additional 4,391 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in Synchronoss Technologies by 71.7% in the fourth quarter. Engineers Gate Manager LP now owns 98,991 shares of the software maker’s stock worth $465,000 after acquiring an additional 41,330 shares in the last quarter. Institutional investors own 45.70% of the company’s stock.

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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