SNCR is taking a big hit. The only thing I can find is hedge fund dumping of the stock, but not for any reason I can find.
There is a bit of a discussion regarding this move on the SNCR RB board. Basically it seems like there is no news. Through my reading it sounds like it is mainly based on rumors that Verizon is getting rid of Synchronoss. It sounds like all this got started because Verizon got rid of their free 25GB cloud storage option now only offering 5GB of cloud storage for free. A little later in the day a lot of analysts came out in defense of the company. Here is a link that helps explain.
http://www.streetinsider.com/Analyst+Comments/Exclusive%3A+V…
Here is a link to a MF contributor’s take on the event.
http://www.fool.com/investing/general/2015/09/23/synchronoss…
I don’t put a whole lot of stock into analysts but here is a buy rating that JPMorgan just released today reaffirming their target price of $57 per share.
http://www.dakotafinancialnews.com/synchronoss-technologies-…
Looking more into the numbers this company is growing nicely at a nice valuation.
According to yahoo finance their TTM Non-Gaap eps is $2.04. Given today’s current stock price of 33.37 gives this stock a P/E of just over 16 with a nice growth rate > 30% last quarter. Given the lack of any news from the company I would consider this stock a buy right now. Though whether it is a buy for anyone else is completely their call given their situation.
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Basically it seems like there is no news. Through my reading it sounds like it is mainly based on rumors that Verizon is getting rid of Synchronoss. It sounds like all this got started because Verizon got rid of their free 25GB cloud storage option now only offering 5GB of cloud storage for free. A little later in the day a lot of analysts came out in defense of the company. Here is a link that helps explain.
http://www.streetinsider.com/Analyst+Comments/Exclusive%3A+V……
Here is a link to a MF contributor’s take on the event.
http://www.fool.com/investing/general/2015/09/23/synchronoss……
I don’t put a whole lot of stock into analysts but here is a buy rating that JPMorgan just released today reaffirming their target price of $57 per share.
http://www.dakotafinancialnews.com/synchronoss-technologies-……
Looking more into the numbers this company is growing nicely at a nice valuation.
According to yahoo finance their TTM Non-Gaap eps is $2.04. Given today’s current stock price of 33.37 gives this stock a P/E of just over 16 with a nice growth rate > 30% last quarter. Given the lack of any news from the company I would consider this stock a buy right now. Though whether it is a buy for anyone else is completely their call given their situation.\
I apologize for leaking information. I don’t post often and forget this board is public. Feel free to delete the above post if needed.