28-Mar-2024
Synchronoss Bets Big on Cloud: Navigating Risks in a Competitive Market
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Synchronoss Technologies Inc is a leading provider of white-label cloud, messaging, digital and network management solutions that enable its customers to keep subscribers, systems, networks and content in sync. The Synchronoss Personal CloudTM solution is designed to create an engaging and trusted customer experience through ongoing content management and engagement. The Synchronoss Personal CloudTM platform is a secure and highly scalable, white-label platform that allows its customers' subscribers to backup and protect, engage with, and manage their personal content. The company derives revenue from subscriptions and transaction-based fees. A majority of the firm's revenue is generated in the United States, and the rest is from countries across the world.
Synchronoss Technologies trades on the NASDAQ stock market under the symbol SNCR.
As of March 28, 2024, SNCR stock price declined to $8.35 with 18,861 million shares trading.
SNCR has a beta of 1.98, meaning it tends to be more sensitive to market movements. SNCR has a correlation of 0.06 to the broad based SPY ETF.
SNCR has a market cap of $86.60 million. This is considered a Micro Cap stock.
Last quarter Synchronoss Technologies reported $41 million in Revenue and -$.85 earnings per share. This fell short of revenue expectation by $-1 million and missed earnings estimates by -$.75.
In the last 3 years, SNCR stock traded as high as $35.91 and as low as $2.70.
The top ETF exchange traded funds that SNCR belongs to (by Net Assets): VTI, VXF, DFSV, AVSC, DFAC.
SNCR has underperformed the market in the last year with a price return of -0.2% while the SPY ETF gained +33.6%. However, in the short term, SNCR had mixed performance relative to the market. It has outperformed in the last 3 months, returning +44.0% vs +10.1% return in SPY. But in the last 2 weeks, SNCR shares have been beat by the market, returning -11.0% compared to an SPY return of +1.7%.
SNCR support price is $7.98 and resistance is $8.98 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that SNCR stock will trade within this expected range on the day.