From Baron Funds' second quarter commentary:
Synchronoss Technologies, Inc. (SNCR, Financial), the software company that activates and connects smartphones to mobile networks and provides synchronization services, declined 42.1% in the quarter, after announcing that sales to AT&T would be lower than projected. The company had been growing rapidly and traded at a high multiple, so it was punished by the miss. Sales to Verizon, its next largest customer, were fine and the company has a big opportunity to grow sales with that carrier and others.We think the stock is now cheap and we are holding onto our full position.
Synchronoss Technologies, Inc. (SNCR, Financial), the software company that activates and connects smartphones to mobile networks and provides synchronization services, declined 42.1% in the quarter, after announcing that sales to AT&T would be lower than projected. The company had been growing rapidly and traded at a high multiple, so it was punished by the miss. Sales to Verizon, its next largest customer, were fine and the company has a big opportunity to grow sales with that carrier and others.We think the stock is now cheap and we are holding onto our full position.
