From Nasdaq: 2024-11-18 11:00:00

1. Synchronoss Technologies (SNCR) shares have surged 44.2% YTD, outperforming the Internet – Software industry and Computer & Technology sector. SNCR’s cloud subscriber growth and impressive Q3 results drove this performance.
2. SNCR’s expanding cloud portfolio saw a 5.1% increase in cloud subscribers in Q3, driving 8% of total revenues. The new Personal Cloud platform features AI-enhanced capabilities and auto-scaling, enhancing operational efficiencies.
3. SNCR’s clientele expansion includes partnerships with Verizon and AT&T. A 3-year contract extension with SFR in France strengthens SNCR’s market presence and customer relationships.
4. Synchronoss expects 6-8% revenue growth in 2024, with recurring revenues at 90-92% of total. Adjusted gross margin and EBITDA are also projected to increase, reflecting a positive outlook for the company.
5. SNCR’s shares are trading at a discount with a Value Score of A. While the expanding cloud subscriber base is a catalyst, competition and forex losses may impact growth. With a Zacks Rank #3, it might be wise to wait for a better entry point.
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Read more at Nasdaq: Synchronoss Rallies 44% Year to Date: Buy, Hold or Sell the Stock?