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Synchronoss (SNCR) Surges 5.1%: Is This an Indication of Further Gains?
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Synchronoss (SNCR - Free Report) shares rallied 5.1% in the last trading session to close at $14.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.7% loss over the past four weeks.
Synchronoss is benefitting from strong cloud subscriber growth. In the second quarter of 2024, the number of cloud subscribers grew 6.1%, which drove 5.9% of total revenues.
This mobile services company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of -44.4%. Revenues are expected to be $43.31 million, down 22.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Synchronoss, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SNCR going forward to see if this recent jump can turn into more strength down the road.
Synchronoss is a member of the Zacks Internet - Software industry. One other stock in the same industry, eGain (EGAN - Free Report) , finished the last trading session 2% higher at $5.17. EGAN has returned -29.5% over the past month.
eGain's consensus EPS estimate for the upcoming report has changed -200% over the past month to $0.01. Compared to the company's year-ago EPS, this represents a change of -91.7%. eGain currently boasts a Zacks Rank of #3 (Hold).
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Synchronoss (SNCR) Surges 5.1%: Is This an Indication of Further Gains?
Synchronoss (SNCR - Free Report) shares rallied 5.1% in the last trading session to close at $14.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.7% loss over the past four weeks.
Synchronoss is benefitting from strong cloud subscriber growth. In the second quarter of 2024, the number of cloud subscribers grew 6.1%, which drove 5.9% of total revenues.
This mobile services company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of -44.4%. Revenues are expected to be $43.31 million, down 22.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Synchronoss, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SNCR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Synchronoss is a member of the Zacks Internet - Software industry. One other stock in the same industry, eGain (EGAN - Free Report) , finished the last trading session 2% higher at $5.17. EGAN has returned -29.5% over the past month.
eGain's consensus EPS estimate for the upcoming report has changed -200% over the past month to $0.01. Compared to the company's year-ago EPS, this represents a change of -91.7%. eGain currently boasts a Zacks Rank of #3 (Hold).