Needham & Company LLC Downgrades Syntel (NASDAQ:SYNT) to Hold

Syntel (NASDAQ:SYNT) was downgraded by Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Thursday, December 21st, Marketbeat Ratings reports. The analysts noted that the move was a valuation call.

Other equities analysts have also issued research reports about the company. ValuEngine raised Syntel from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Friday, October 20th. Loop Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of Syntel in a report on Wednesday, October 18th. They noted that the move was a valuation call. TheStreet upgraded Syntel from a “d+” rating to a “c” rating in a report on Tuesday, October 17th. Finally, Cowen reiterated a “hold” rating and issued a $20.00 price objective on shares of Syntel in a report on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $23.31.

Syntel (NASDAQ:SYNT) opened at $23.50 on Thursday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of -5.69. The company has a market capitalization of $1,950.00, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 1.30 and a beta of 1.11. Syntel has a 52-week low of $15.82 and a 52-week high of $26.33.

Syntel (NASDAQ:SYNT) last announced its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.41 by $0.17. The business had revenue of $231.34 million during the quarter. Syntel had a negative return on equity of 137.94% and a net margin of 18.64%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 EPS. equities research analysts forecast that Syntel will post 1.87 EPS for the current fiscal year.

In related news, insider Daniel M. Moore sold 1,080 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $24.19, for a total transaction of $26,125.20. Following the completion of the transaction, the insider now directly owns 22,963 shares in the company, valued at approximately $555,474.97. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 4,769 shares of company stock valued at $119,266. 61.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of SYNT. Sather Financial Group Inc purchased a new position in Syntel in the 2nd quarter worth approximately $8,400,000. Dimensional Fund Advisors LP lifted its holdings in Syntel by 75.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 923,431 shares of the information technology services provider’s stock worth $15,661,000 after purchasing an additional 397,034 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Syntel by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,723,937 shares of the information technology services provider’s stock worth $46,198,000 after purchasing an additional 130,471 shares in the last quarter. Bridge City Capital LLC purchased a new position in Syntel in the 2nd quarter worth approximately $1,771,000. Finally, Teachers Advisors LLC lifted its holdings in Syntel by 128.4% in the 2nd quarter. Teachers Advisors LLC now owns 144,065 shares of the information technology services provider’s stock worth $2,443,000 after purchasing an additional 80,977 shares in the last quarter. 36.61% of the stock is currently owned by institutional investors.

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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.

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