Credit Suisse Reiterates a Buy Rating on Synchronoss Technologies

By Ryan Adsit

In a report released today, Michael Nemeroff from Credit Suisse reiterated a Buy rating on Synchronoss Technologies (NASDAQ: SNCR), with a price target of $55. The company’s shares opened today at $43.50, close to its 52-week high of $46.23.

According to TipRanks.com, Nemeroff is a 4-star analyst with an average return of 3.0% and a 42.6% success rate. Nemeroff covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Verint Systems Inc., and Jive Software Inc.

Currently, the analyst consensus on Synchronoss Technologies is Strong Buy and the average price target is $56.67, representing a 30.3% upside.

In a report released today, J.P. Morgan also maintained a Buy rating on the stock with a $65 price target.

The company has a one year high of $46.23 and a one year low of $20.33. Currently, Synchronoss Technologies has an average volume of 309K.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2016, Charles E. Hoffman, a Director at SNCR sold 55,000 shares for a total of $1,929,413.

Synchronoss Technologies, Inc. is a mobile innovation company, which provides cloud solutions and software-based activation for connected devices globally. Its solutions include activation and provisioning software for devices and services, cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, identity/access management and secure mobility management that enable communications service providers, cable operators/multi-services operators and original equipment manufacturers with embedded connectivity, multi-channel retailers, medium and large enterprises and their consumers as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices. The company was founded by James M. McCormick and Stephen G. Waldis in December 2000 and is headquartered in Bridgewater, NJ.