Zacks Investment Research upgraded shares of Syntel, Inc. (NASDAQ:SYNT) from a sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “Syntel is a worldwide provider of advanced technology services to Fortune 1000 companies, as well as to government entities. Their service offerings are grouped into three segments: e-Business, Application Outsourcing, and Teamsourcing. E-Business consists of practice areas in Web Solutions, Customer Relationship Management, Data Warehousing/Business Intelligence, and Enterprise Application Outsourcing services. “
SYNT has been the subject of several other research reports. ValuEngine cut shares of Syntel from a buy rating to a hold rating in a research report on Friday, June 2nd. Cowen and Company reaffirmed a market perform rating and issued a $18.00 price target (down previously from $20.00) on shares of Syntel in a research report on Sunday, April 23rd. BidaskClub raised shares of Syntel from a strong sell rating to a sell rating in a research report on Wednesday, June 28th. Finally, Needham & Company LLC lowered their price target on shares of Syntel from $23.00 to $21.00 and set a buy rating for the company in a research report on Friday, April 21st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $26.31.
Syntel (SYNT) traded up 2.37% during trading on Tuesday, hitting $19.03. 446,638 shares of the stock traded hands. The firm’s market cap is $1.59 billion. Syntel has a 12 month low of $15.82 and a 12 month high of $46.95. The firm has a 50-day moving average price of $16.70 and a 200 day moving average price of $18.20.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. Syntel had a negative net margin of 7.58% and a positive return on equity of 110.62%. The firm had revenue of $226.81 million during the quarter, compared to analysts’ expectations of $220.48 million. During the same quarter in the prior year, the company earned $0.70 EPS. The company’s revenue was down 7.7% compared to the same quarter last year. On average, equities analysts forecast that Syntel will post $1.71 EPS for the current fiscal year.
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Syntel declared that its Board of Directors has initiated a share buyback plan on Thursday, July 20th that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 3.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, insider Murlidhar Reddy purchased 1,986 shares of the business’s stock in a transaction on Thursday, May 4th. The shares were acquired at an average price of $17.83 per share, for a total transaction of $35,410.38. Following the purchase, the insider now owns 34,079 shares of the company’s stock, valued at approximately $607,628.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Prashant Ranade purchased 5,867 shares of the business’s stock in a transaction on Tuesday, April 25th. The shares were bought at an average price of $17.19 per share, for a total transaction of $100,853.73. Following the purchase, the chairman now directly owns 277,967 shares in the company, valued at approximately $4,778,252.73. The disclosure for this purchase can be found here. Insiders have acquired a total of 19,377 shares of company stock worth $334,732 in the last 90 days. 61.10% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Legato Capital Management LLC raised its position in shares of Syntel by 885.8% in the second quarter. Legato Capital Management LLC now owns 51,861 shares of the information technology services provider’s stock worth $880,000 after buying an additional 46,600 shares during the last quarter. Eqis Capital Management Inc. raised its position in shares of Syntel by 4.2% in the second quarter. Eqis Capital Management Inc. now owns 12,774 shares of the information technology services provider’s stock worth $217,000 after buying an additional 515 shares during the last quarter. Horrell Capital Management Inc. raised its position in shares of Syntel by 45.1% in the second quarter. Horrell Capital Management Inc. now owns 160,800 shares of the information technology services provider’s stock worth $2,727,000 after buying an additional 50,000 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Syntel during the second quarter worth about $309,000. Finally, RK Asset Management LLC raised its position in shares of Syntel by 10.8% in the second quarter. RK Asset Management LLC now owns 261,448 shares of the information technology services provider’s stock worth $4,434,000 after buying an additional 25,580 shares during the last quarter. Institutional investors and hedge funds own 33.61% of the company’s stock.
Syntel Company Profile
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology (IT) and knowledge process outsourcing (KPO) services. The Company operates through five segments: Banking and Financial Services, Healthcare and Life Sciences, Insurance, Manufacturing, and Retail, Logistics and Telecom.
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