Northland Securities Sticks to Its Buy Rating for Synchronoss Technologies (SNCR)

By Jason Carr

In a report released today, Michael Latimore from Northland Securities maintained a Buy rating on Synchronoss Technologies (SNCRResearch Report), with a price target of $6.50. The company’s shares closed last Friday at $3.16.

According to TipRanks.com, Latimore is a top 100 analyst with an average return of 35.6% and a 63.1% success rate. Latimore covers the Technology sector, focusing on stocks such as Comtech Telecommunications, Ribbon Communications, and Limelight Networks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Synchronoss Technologies with a $7.63 average price target.

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Based on Synchronoss Technologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $69.38 million and GAAP net loss of $794K. In comparison, last year the company earned revenue of $90.59 million and had a GAAP net loss of $6.13 million.

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Synchronoss Technologies, Inc. engages in the provision of cloud and enterprise solutions It offers software-based activation for connected devices globally. Its platform includes cloud home, personal cloud content transfer, and out-of-box experience; advance messaging and email suite; journey creation and advisor, digital coach, digital portal, and activation; internet-of-things, and smart buildings. The company was founded by James M. McCormick and Stephen G. Waldis in December 2000 and is headquartered in Bridgewater, NJ.