Syntel, Inc. (NASDAQ:SYNT) announced its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.17, MarketWatch Earnings reports. Syntel had a net margin of 18.64% and a negative return on equity of 119.25%. The firm had revenue of $231.34 million during the quarter. During the same period in the previous year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. Syntel updated its FY17 guidance to $1.81-1.88 EPS.
Syntel (NASDAQ:SYNT) traded down 2.4311% during midday trading on Friday, reaching $22.7921. 70,547 shares of the company were exchanged. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 11.1127 and a beta of 1.06. Syntel has a 52-week low of $15.82 and a 52-week high of $25.80. The company has a 50 day moving average of $20.00 and a 200-day moving average of $18.29.
Several large investors have recently modified their holdings of SYNT. UBS Asset Management Americas Inc. purchased a new stake in shares of Syntel in the second quarter valued at $181,000. Legal & General Group Plc lifted its position in Syntel by 8.0% during the second quarter. Legal & General Group Plc now owns 11,916 shares of the information technology services provider’s stock worth $202,000 after buying an additional 881 shares during the period. Eqis Capital Management Inc. lifted its position in Syntel by 4.2% during 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 period. Voya Investment Management LLC lifted its position in Syntel by 14.7% during the second quarter. Voya Investment Management LLC now owns 16,026 shares of the information technology services provider’s stock worth $272,000 after buying an additional 2,054 shares during the period. Finally, Fox Run Management L.L.C. purchased a new position in Syntel during the second quarter worth about $309,000. Institutional investors and hedge funds own 34.78% of the company’s stock.
Syntel announced that its board has initiated a share repurchase plan on Thursday, July 20th that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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SYNT has been the topic of several research reports. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 25th. ValuEngine upgraded shares of Syntel from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Loop Capital reiterated a “buy” rating and issued a $28.00 price target on shares of Syntel in a report on Wednesday, October 18th. They noted that the move was a valuation call. Needham & Company LLC raised their price objective on shares of Syntel from $23.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, October 18th. They noted that the move was a valuation call. Finally, TheStreet raised shares of Syntel from a “d+” rating to a “c” rating in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Syntel has a consensus rating of “Hold” and an average target price of $23.10.
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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