Zacks Investment Research downgraded shares of Syntel, Inc. (NASDAQ:SYNT) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
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. “
Several other equities research analysts also recently issued reports on SYNT. ValuEngine downgraded Syntel from a buy rating to a hold rating in a report on Friday, June 2nd. BidaskClub upgraded Syntel from a strong sell rating to a sell rating in a report on Wednesday, June 28th. Cantor Fitzgerald reiterated a hold rating and set a $16.00 price target on shares of Syntel in a report on Thursday, July 20th. Maxim Group reiterated a hold rating on shares of Syntel in a report on Thursday, July 20th. Finally, Cowen and Company reiterated a hold rating and set a $18.00 price target on shares of Syntel in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Syntel has an average rating of Hold and an average target price of $25.98.
Syntel (SYNT) traded up 1.46% during mid-day trading on Thursday, reaching $18.12. 136,747 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $18.14 and a 200 day moving average price of $17.86. Syntel has a 52-week low of $15.82 and a 52-week high of $46.95. The company’s market cap is $1.52 billion.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Syntel had a negative return on equity of 110.72% and a negative net margin of 10.11%. The business had revenue of $226.81 million during the quarter. During the same quarter last year, the company posted $0.70 EPS. The company’s quarterly revenue was down 7.7% compared to the same quarter last year. Equities analysts predict that Syntel will post $1.72 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This piece was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this piece on another domain, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this piece can be read at https://stocknewstimes.com/2017/08/25/syntel-inc-synt-downgraded-by-zacks-investment-research-to-hold-2.html.
Syntel declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 20th that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the information technology services provider to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teachers Advisors LLC increased its position in shares of Syntel by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 63,228 shares of the information technology services provider’s stock worth $1,251,000 after buying an additional 3,796 shares during the period. Stoneridge Investment Partners LLC acquired a new position in shares of Syntel during the first quarter worth about $1,279,000. Eqis Capital Management Inc. increased its position in shares of Syntel by 4.9% in the first quarter. Eqis Capital Management Inc. now owns 12,259 shares of the information technology services provider’s stock worth $206,000 after buying an additional 570 shares during the period. HPM Partners LLC acquired a new position in shares of Syntel during the first quarter worth about $219,000. Finally, Pekin Singer Strauss Asset Management IL increased its position in shares of Syntel by 7.7% in the first quarter. Pekin Singer Strauss Asset Management IL now owns 644,999 shares of the information technology services provider’s stock worth $10,855,000 after buying an additional 45,920 shares during the period. Hedge funds and other institutional investors own 32.85% of the company’s stock.
About Syntel
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.
Receive News & Ratings for Syntel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
