Millennium Management LLC raised its holdings in shares of Syntel, Inc. (NASDAQ:SYNT) by 57.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 595,458 shares of the information technology services provider’s stock after purchasing an additional 216,499 shares during the quarter. Millennium Management LLC owned 0.72% of Syntel worth $15,202,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Verition Fund Management LLC bought a new stake in Syntel during the 1st quarter valued at $489,000. Freestone Capital Holdings LLC increased its stake in Syntel by 15.0% during the 1st quarter. Freestone Capital Holdings LLC now owns 829,266 shares of the information technology services provider’s stock valued at $21,171,000 after purchasing an additional 107,941 shares in the last quarter. Sensato Investors LLC increased its stake in Syntel by 160.7% during the 1st quarter. Sensato Investors LLC now owns 131,887 shares of the information technology services provider’s stock valued at $3,367,000 after purchasing an additional 81,304 shares in the last quarter. Element Capital Management LLC bought a new stake in Syntel during the 1st quarter valued at $482,000. Finally, Barclays PLC increased its stake in Syntel by 233.7% during the 1st quarter. Barclays PLC now owns 92,463 shares of the information technology services provider’s stock valued at $2,360,000 after purchasing an additional 64,754 shares in the last quarter. Institutional investors and hedge funds own 40.00% of the company’s stock.
Syntel opened at $34.78 on Friday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 7.25, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $2.86 billion, a PE ratio of 17.22, a PEG ratio of 2.38 and a beta of 0.75. Syntel, Inc. has a 1 year low of $15.88 and a 1 year high of $37.15.
Syntel (NASDAQ:SYNT) last issued its quarterly earnings results on Thursday, April 19th. The information technology services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.11. The company had revenue of $245.35 million for the quarter. Syntel had a net margin of 18.40% and a negative return on equity of 504.52%. Syntel’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. analysts forecast that Syntel, Inc. will post 1.93 earnings per share for the current fiscal year.
A number of analysts have commented on the stock. SunTrust Banks restated a “hold” rating and set a $29.00 price target on shares of Syntel in a research note on Friday, April 20th. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, May 1st. Wellington Shields upgraded shares of Syntel from a “hold” rating to an “accumulate” rating in a research note on Thursday, April 19th. BidaskClub upgraded shares of Syntel from a “sell” rating to a “hold” rating in a research note on Saturday, March 24th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Syntel in a research note on Thursday, April 19th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Syntel presently has an average rating of “Hold” and a consensus price target of $24.75.
In related news, SVP Murlidhar Reddy sold 2,000 shares of the business’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $32.85, for a total value of $65,700.00. Following the transaction, the senior vice president now directly owns 36,889 shares of the company’s stock, valued at approximately $1,211,803.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 6,077 shares of company stock worth $200,710 over the last three months. 58.10% of the stock is owned by insiders.
Syntel, Inc provides digital transformation, information technology (IT), and knowledge process outsourcing (KPO) services worldwide. The company operates through Banking and Financial Services; Healthcare and Life Sciences; Insurance; Manufacturing; and Retail, Logistics, and Telecom segments. It provides end-to-end, integrated application, and infrastructure management services; develops software applications; and offers legacy modernization services, such as software analysis, language conversion, reverse engineering, database migration, code optimization, cloud onboarding and migration, ecosystem migration, testing, and management.
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