In the latest trading session, Synchronoss (SNCR) closed at $6.42, marking a -1.98% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.49%. On the other hand, the Dow registered a gain of 0.38%, and the technology-centric Nasdaq increased by 0.72%.
Shares of the mobile services company witnessed a gain of 5.99% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 6.81%, and outperforming the S&P 500's gain of 2.99%.
The upcoming earnings release of Synchronoss will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.31, reflecting a 219.23% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $42.96 million, unchanged from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.02 per share and revenue of $172.32 million, which would represent changes of -37.42% and -0.73%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Synchronoss. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Synchronoss holds a Zacks Rank of #4 (Sell).
From a valuation perspective, Synchronoss is currently exchanging hands at a Forward P/E ratio of 6.42. For comparison, its industry has an average Forward P/E of 32.6, which means Synchronoss is trading at a discount to the group.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 64, placing it within the top 26% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Synchronoss Technologies, Inc. (SNCR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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