Zacks Investment Research upgraded shares of Syntel, Inc. (NASDAQ:SYNT) from a hold rating to a buy rating in a research report released on Friday, October 20th. Zacks Investment Research currently has $27.00 price objective on the information technology services provider’s stock.
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. “
A number of other brokerages have also commented on SYNT. ValuEngine lowered Syntel from a buy rating to a hold rating in a report on Friday, September 1st. Cantor Fitzgerald reissued a hold rating and set a $16.00 price objective on shares of Syntel in a report on Thursday, July 20th. Cowen and Company reaffirmed a hold rating and issued a $18.00 target price on shares of Syntel in a report on Thursday, October 12th. BidaskClub raised Syntel from a strong sell rating to a sell rating in a report on Wednesday, June 28th. Finally, TheStreet raised Syntel from a d+ rating to a c rating in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Syntel currently has an average rating of Hold and an average target price of $23.10.
Syntel (SYNT) opened at 22.82 on Friday. The company’s 50 day moving average price is $20.27 and its 200-day moving average price is $18.37. The company has a market capitalization of $1.90 billion, a P/E ratio of 11.13 and a beta of 1.06. Syntel has a 12-month low of $15.82 and a 12-month high of $25.80.
Syntel (NASDAQ:SYNT) last issued its quarterly earnings data 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. The firm had revenue of $231.34 million during the quarter. Syntel had a negative return on equity of 119.25% and a net margin of 18.64%. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 earnings per share. Equities analysts forecast that Syntel will post $1.87 earnings per share for the current fiscal year.
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Syntel declared that its Board of Directors has authorized 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 purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in SYNT. Swiss National Bank grew its holdings in Syntel by 5.5% during the first quarter. Swiss National Bank now owns 55,300 shares of the information technology services provider’s stock valued at $931,000 after purchasing an additional 2,900 shares during the period. Parametric Portfolio Associates LLC grew its holdings in Syntel by 26.9% during the first quarter. Parametric Portfolio Associates LLC now owns 27,503 shares of the information technology services provider’s stock valued at $463,000 after purchasing an additional 5,832 shares during the period. American International Group Inc. grew its holdings in Syntel by 7.1% during the first quarter. American International Group Inc. now owns 19,894 shares of the information technology services provider’s stock valued at $335,000 after purchasing an additional 1,323 shares during the period. Vanguard Group Inc. grew its holdings in Syntel by 3.2% during the first quarter. Vanguard Group Inc. now owns 2,593,466 shares of the information technology services provider’s stock valued at $43,649,000 after purchasing an additional 80,485 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Syntel by 9.1% during the first quarter. Geode Capital Management LLC now owns 417,791 shares of the information technology services provider’s stock valued at $7,031,000 after purchasing an additional 34,680 shares during the period. 34.78% of the stock is owned by institutional investors and hedge funds.
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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