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Synchronoss Technologies Inc. (NASDAQ:SNCR) Director Laurie Harris recently sold 4,800 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on June 2 at an average price of $7.005 per share, amounting to a total transaction value of $33,624. Following this transaction, Harris holds 47,632 shares of Synchronoss Technologies. The sales were conducted under a pre-approved Rule 10b5-1 trading plan to cover tax obligations related to the vesting of restricted stock. The stock has declined nearly 30% over the past six months, though InvestingPro subscribers have access to 12 additional key insights about SNCR’s financial health and future prospects through the comprehensive Pro Research Report.
In other recent news, Synchronoss Technologies has been included in the Russell 2000 Index, a development that highlights the company’s strategic progress. This inclusion, effective after the U.S. market opens on June 30, is part of the annual reconstitution of the Russell indexes, which are widely used by investment managers and institutional investors. Additionally, Synchronoss reported its Q1 2025 earnings, revealing a slight decline in revenue to $42.2 million from $43 million the previous year, alongside a net loss of $3.8 million. However, the company maintained its revenue guidance for the year, emphasizing strong recurring revenue, which constituted 93.1% of total revenue, and operational efficiencies.
Synchronoss has also refinanced its debt, extending maturity to 2029, which is expected to provide financial stability. The company projects 2025 revenue between $170 million and $180 million, with an adjusted EBITDA of $52 million to $56 million. Furthermore, Synchronoss is exploring new carrier opportunities globally, aiming for double-digit revenue growth. The company has made significant progress with major carriers like AT&T and Verizon (NYSE:VZ), enhancing its strategic transformation into a leading cloud solutions provider. These developments reflect Synchronoss’s ongoing efforts to strengthen its market position amidst challenging macroeconomic conditions.
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