The stock of Synchronoss Technologies, Inc. (NASDAQ:SNCR) gapped down by $0.3 today and has $38.40 target or 5.00% below today’s $40.42 share price. The 8 months technical chart setup indicates high risk for the $1.82 billion company. The gap down was reported on Oct, 4 by Barchart.com. If the $38.40 price target is reached, the company will be worth $91.00 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 1.85% or $0.76 during the last trading session, hitting $40.42. About 304,463 shares traded hands or 6.41% up from the average. Synchronoss Technologies, Inc. (NASDAQ:SNCR) has risen 37.06% since March 1, 2016 and is uptrending. It has outperformed by 24.85% the S&P500.
Analysts await Synchronoss Technologies, Inc. (NASDAQ:SNCR) to report earnings on October, 26. They expect $0.56 earnings per share, up 33.33% or $0.14 from last year’s $0.42 per share. SNCR’s profit will be $25.22M for 18.04 P/E if the $0.56 EPS becomes a reality. After $0.45 actual earnings per share reported by Synchronoss Technologies, Inc. for the previous quarter, Wall Street now forecasts 24.44% EPS growth.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) Ratings Coverage
Out of 5 analysts covering Synchronoss Technologies Inc. (NASDAQ:SNCR), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. Synchronoss Technologies Inc. has been the topic of 8 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Wednesday, June 1 by Drexel Hamilton. The stock has “Hold” rating given by Stifel Nicolaus on Thursday, February 4. The firm earned “Strong Buy” rating on Thursday, October 29 by Raymond James. The firm earned “Overweight” rating on Wednesday, August 10 by Stephens.
According to Zacks Investment Research, “SYNCHRONOSS TECHNOLOGIES is the premier provider of on-demand transaction management software to Tier One communications service providers. Synchronoss enables service providers to drive growth in new and existing markets while delivering an improved customer experience at lower costs. The company’s flagship ActivationNow and ConvergenceNow software platforms automate, synchronize and simplify electronic service creation and management of advanced wireline, wireless and IP services across existing networks.”
Insitutional Activity: The institutional sentiment increased to 1.93 in Q2 2016. Its up 0.99, from 0.94 in 2016Q1. The ratio improved, as 8 funds sold all Synchronoss Technologies, Inc. shares owned while 51 reduced positions. 35 funds bought stakes while 79 increased positions. They now own 36.19 million shares or 1.51% more from 35.65 million shares in 2016Q1.
Macquarie Ltd holds 0% or 38,290 shares in its portfolio. Cantab Capital Prtnrs Ltd Liability Partnership reported 13,577 shares or 0% of all its holdings. Fincl Bank Of New York Mellon owns 494,629 shares or 0% of their US portfolio. New York State Common Retirement Fund has 68,063 shares for 0% of their US portfolio. Ameriprise Finance owns 262,042 shares or 0% of their US portfolio. Hutchin Hill Lp has 59,230 shares for 0.06% of their US portfolio. The Belgium-based Kbc Grp Inc Incorporated Nv has invested 0.01% in Synchronoss Technologies, Inc. (NASDAQ:SNCR). Group One Trading L P holds 548 shares or 0% of its portfolio. Jane Street Limited Liability Corp, a New York-based fund reported 12,220 shares. Smith Graham Investment Lp has 0.85% invested in the company for 194,272 shares. Putnam Invs Ltd has 0% invested in the company for 34,132 shares. Us National Bank De last reported 0% of its portfolio in the stock. Strs Ohio last reported 0.02% of its portfolio in the stock. Prudential Fin last reported 111,737 shares in the company. Art Advsr Lc last reported 67,773 shares in the company.
Insider Transactions: Since April 4, 2016, the stock had 0 buys, and 13 selling transactions for $6.12 million net activity. The insider Waldis Stephen G sold $527,930. McCormick James M sold $1.10M worth of Synchronoss Technologies, Inc. (NASDAQ:SNCR) on Thursday, August 4. $18,922 worth of Synchronoss Technologies, Inc. (NASDAQ:SNCR) shares were sold by Schuette David. On Tuesday, May 24 Rosenberger Karen sold $2,930 worth of the stock or 83 shares. 55,000 Synchronoss Technologies, Inc. (NASDAQ:SNCR) shares with value of $1.93M were sold by HOFFMAN CHARLES E. Shares for $223,465 were sold by Moore Donnie on Monday, September 12.
More recent Synchronoss Technologies, Inc. (NASDAQ:SNCR) news were published by: Businesswire.com which released: “Synchronoss Technologies, Inc. Ranked Number 7 on Forbes Fast Tech 25 Annual …” on April 22, 2016. Also Fool.com published the news titled: “Why Shares of Synchronoss Technologies Inc. Soared Today” on May 06, 2016. Fool.com‘s news article titled: “Why Shares of Synchronoss Technologies Inc. Slumped Again Today” with publication date: February 04, 2016 was also an interesting one.
SNCR Company Profile
Synchronoss Technologies, Inc. (Synchronoss), incorporated on September 19, 2000, offers cloud solutions and software activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Firm operates in providing cloud solutions and software activation for connected devices segment. The Company’s software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks. The Company’s solutions include activation and provisioning software for devices and services, cloud sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, identity/access management and secure mobility management that enable communications service providers (CSPs), cable operators/multi-services operators (MSOs) and OEMs with embedded connectivity (smartphones, laptops, tablets and mobile Internet devices (MIDs), such as automobiles, wearables for personal health and wellness, and connected homes), multi-channel retailers, medium and large enterprises and their consumers, as well as other clients for secure and broadband networks, and connected devices. The Firm operates in and markets its solutions and services directly through its sales organizations in North America, Europe and Asia-Pacific.
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