Short Interest in Syntel, Inc. (SYNT) Drops By 30.3%

Syntel, Inc. (NASDAQ:SYNT) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 693,890 shares, a decrease of 30.3% from the August 15th total of 995,968 shares. Based on an average daily trading volume, of 671,641 shares, the days-to-cover ratio is presently 1.0 days. Approximately 2.0% of the company’s stock are sold short.

SYNT opened at $40.94 on Tuesday. Syntel has a 1-year low of $18.10 and a 1-year high of $41.05. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $3.40 billion, a P/E ratio of 20.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.80.

Syntel (NASDAQ:SYNT) last posted its quarterly earnings results on Thursday, July 26th. The information technology services provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Syntel had a return on equity of 3,237.31% and a net margin of 18.42%. The business had revenue of $249.70 million for the quarter. During the same quarter last year, the company posted $0.44 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. equities analysts expect that Syntel will post 1.97 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its position in Syntel by 9.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 20,036 shares of the information technology services provider’s stock worth $643,000 after buying an additional 1,711 shares during the period. Northern Trust Corp increased its position in Syntel by 0.6% during the 1st quarter. Northern Trust Corp now owns 465,984 shares of the information technology services provider’s stock worth $11,897,000 after buying an additional 2,724 shares during the period. Swiss National Bank increased its position in Syntel by 5.4% during the 1st quarter. Swiss National Bank now owns 58,300 shares of the information technology services provider’s stock worth $1,488,000 after buying an additional 3,000 shares during the period. Dynamic Technology Lab Private Ltd increased its position in Syntel by 26.4% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 16,485 shares of the information technology services provider’s stock worth $420,000 after buying an additional 3,443 shares during the period. Finally, Rhumbline Advisers increased its position in Syntel by 10.3% during the 2nd quarter. Rhumbline Advisers now owns 40,564 shares of the information technology services provider’s stock worth $1,302,000 after buying an additional 3,784 shares during the period. Institutional investors and hedge funds own 40.78% of the company’s stock.

Several research firms have recently commented on SYNT. Loop Capital downgraded Syntel from a “buy” rating to a “hold” rating in a report on Monday, July 23rd. BidaskClub raised Syntel from a “hold” rating to a “buy” rating in a report on Friday, September 7th. TheStreet raised Syntel from a “c+” rating to a “b-” rating in a report on Wednesday, May 23rd. Barrington Research reissued a “hold” rating on shares of Syntel in a report on Monday, July 23rd. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $41.00 price target on shares of Syntel in a research note on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $29.00.

About Syntel

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.

Recommended Story: Exchange-Traded Funds (ETFs)

Receive News & Ratings for Syntel Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply