Syntel, Inc. (NASDAQ:SYNT)‘s stock had its “buy” rating reaffirmed by stock analysts at Loop Capital in a report issued on Wednesday, October 18th, The Fly reports. They currently have a $28.00 target price on the information technology services provider’s stock. Loop Capital’s price objective would suggest a potential upside of 19.86% from the company’s previous close. The analysts noted that the move was a valuation call.
SYNT has been the subject of several other research reports. Zacks Investment Research cut shares of Syntel from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Cowen and Company reissued a “hold” rating and set a $18.00 target price on shares of Syntel in a report on Tuesday, August 22nd. ValuEngine raised shares of Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. BidaskClub raised shares of Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $20.00 price objective on shares of Syntel in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $23.10.
Syntel (NASDAQ SYNT) opened at 23.36 on Wednesday. Syntel has a 1-year low of $15.82 and a 1-year high of $25.80. The company’s 50-day moving average price is $20.00 and its 200-day moving average price is $18.29. The firm has a market capitalization of $1.95 billion, a P/E ratio of 11.39 and a beta of 1.06.
Syntel (NASDAQ:SYNT) last issued its earnings results on Tuesday, October 17th. The information technology services provider reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.17. 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 last year, the business earned $0.63 EPS. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts expect that Syntel will post $1.87 earnings per share for the current fiscal year.
Syntel announced that its Board of Directors has initiated a stock buyback 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 reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. acquired a new position in Syntel during the second quarter worth about $181,000. Legal & General Group Plc boosted 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 acquiring an additional 881 shares during the last quarter. Eqis Capital Management Inc. boosted 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 acquiring an additional 515 shares during the last quarter. Voya Investment Management LLC boosted 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 acquiring an additional 2,054 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Syntel during the second quarter worth about $309,000. Hedge funds and other institutional investors own 34.78% 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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