TheStreet upgraded shares of Syntel, Inc. (NASDAQ:SYNT) from a d+ rating to a c rating in a report published on Tuesday, October 17th.
A number of other equities analysts have also recently commented on the company. Needham & Company LLC lifted their price target on Syntel from $23.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, October 18th. They noted that the move was a valuation call. Loop Capital reiterated a buy rating and set 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. William Blair upgraded Syntel from an underperform rating to an outperform rating in a report on Tuesday, October 17th. SunTrust Banks, Inc. restated a hold rating and set a $20.00 price objective on shares of Syntel in a report on Tuesday, October 17th. Finally, Cowen and Company restated a hold rating and set a $18.00 price objective on shares of Syntel in a report on Thursday, October 12th. One equities 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. The company currently has a consensus rating of Hold and an average price target of $23.10.
Shares of Syntel (NASDAQ:SYNT) traded down 2.31% during midday trading on Tuesday, hitting $22.82. The company had a trading volume of 484,403 shares. Syntel has a 12 month low of $15.82 and a 12 month high of $25.80. The stock’s 50-day moving average price is $20.27 and its 200-day moving average price is $18.37. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 11.13 and a beta of 1.06.
Syntel (NASDAQ:SYNT) last posted its quarterly earnings results on Tuesday, October 17th. The information technology services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.17. Syntel had a negative return on equity of 119.25% and a net margin of 18.64%. The business had revenue of $231.34 million during the quarter. During the same quarter in the previous year, the business posted $0.63 EPS. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts forecast that Syntel will post $1.87 EPS for the current year.
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Syntel declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 20th that permits the company to buyback $60.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the business. UBS Asset Management Americas Inc. acquired a new position in Syntel during the second quarter valued at approximately $181,000. Legal & General Group Plc raised 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 valued at $202,000 after purchasing an additional 881 shares in the last quarter. Eqis Capital Management Inc. raised 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 valued at $217,000 after purchasing an additional 515 shares in the last quarter. Voya Investment Management LLC raised 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 valued at $272,000 after purchasing an additional 2,054 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Syntel during the second quarter valued at approximately $309,000. Institutional investors and hedge funds 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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