Zacks Investment Research upgraded shares of Synchronoss Technologies (NASDAQ:SNCR) from a sell rating to a hold rating in a report released on Wednesday morning.

According to Zacks, “Synchronoss provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms. Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables clients to transform their businesses by creating growth, profitability and competitive advantage. Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers located around the world. Synchronoss’ industry-leading customers include tier 1 service providers such as AT&T Inc., Verizon Wireless and Vodafone; tier 1 cable operators/MSOs such as Cablevision, Charter Communications, Comcast, and Time Warner Cable; leaders in Secure Enterprise such as Goldman Sachs; and large OEMs such as Apple, Microsoft, and Samsung. “

Other analysts have also issued research reports about the company. Citigroup upped their price objective on Synchronoss Technologies to $10.00 and gave the stock a hold rating in a research report on Wednesday, September 20th. Credit Suisse Group reaffirmed an underperform rating and set a $8.00 price objective (down previously from $13.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Stifel Nicolaus reaffirmed a hold rating and set a $10.00 price objective (down previously from $16.00) on shares of Synchronoss Technologies in a research report on Wednesday, September 20th. BidaskClub lowered Synchronoss Technologies from a sell rating to a strong sell rating in a research report on Saturday, December 9th. Finally, Deutsche Bank reaffirmed a hold rating and set a $8.00 price objective (down previously from $18.00) on shares of Synchronoss Technologies in a research report on Thursday, December 7th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $16.57.

Synchronoss Technologies (NASDAQ SNCR) traded down $0.04 during trading on Wednesday, hitting $9.18. The stock had a trading volume of 1,050,000 shares, compared to its average volume of 921,452. Synchronoss Technologies has a 1-year low of $8.48 and a 1-year high of $40.28. The stock has a market capitalization of $423.85, a price-to-earnings ratio of -7.29 and a beta of 1.55.

Hedge funds have recently modified their holdings of the stock. Stephens Inc. AR acquired a new position in shares of Synchronoss Technologies during the second quarter worth $5,360,000. Wealthsource Partners LLC boosted its stake in Synchronoss Technologies by 241.5% in the second quarter. Wealthsource Partners LLC now owns 31,845 shares of the software maker’s stock valued at $524,000 after acquiring an additional 22,520 shares in the last quarter. Airain ltd boosted its stake in Synchronoss Technologies by 10.9% in the second quarter. Airain ltd now owns 73,469 shares of the software maker’s stock valued at $1,209,000 after acquiring an additional 7,218 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Synchronoss Technologies by 405.9% in the second quarter. Oppenheimer & Co. Inc. now owns 55,275 shares of the software maker’s stock valued at $909,000 after acquiring an additional 44,350 shares in the last quarter. Finally, Comerica Bank boosted its stake in Synchronoss Technologies by 40.6% in the second quarter. Comerica Bank now owns 141,698 shares of the software maker’s stock valued at $2,307,000 after acquiring an additional 40,928 shares in the last quarter. Hedge funds and other institutional investors own 68.17% of the company’s stock.

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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.

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