Zacks Investment Research lowered shares of Sify Technologies (NASDAQ:SIFY) from a hold rating to a sell rating in a research report released on Saturday morning, Zacks.com reports.
According to Zacks, “SIFY TECH LTD a leader in consumer Internet and Enterprise Services in India with global delivery capabilities, today announced that it has integrated its Portal, i-Way cyber cafe chain and Sify Broadband to Home services into one single business unit. Sify is among the largest Internet, network and e-Commerce services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common Internet backbone infrastructure. This Internet backbone reaches two hundred twenty one cities and towns in India. A significant part of the company’s revenue is derived from Corporate Services, which include corporate connectivity, network and communications solutions, security, network management services, enterprise applications and hosting. A host of blue chip customers use Sify’s corporate service offerings. Consumer services include broadband home access, dial up connectivity and the iWay cyber cafe chain across one hundred cities and towns. “
Separately, Maxim Group reiterated a buy rating and issued a $4.00 price target on shares of Sify Technologies in a report on Thursday, July 25th.
Shares of SIFY stock traded down $0.03 on Friday, reaching $1.34. 68,041 shares of the company’s stock were exchanged, compared to its average volume of 78,275. Sify Technologies has a 52 week low of $1.15 and a 52 week high of $1.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.07 and a current ratio of 1.19. The business has a fifty day moving average of $1.40.
Large investors have recently made changes to their positions in the company. River & Mercantile Asset Management LLP purchased a new position in shares of Sify Technologies in the 1st quarter valued at $187,000. Mercer Global Advisors Inc. ADV purchased a new position in Sify Technologies during the 1st quarter worth $37,000. Finally, Pinnacle Associates Ltd. grew its stake in Sify Technologies by 6.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 585,332 shares of the technology company’s stock worth $955,000 after buying an additional 36,220 shares during the last quarter. Institutional investors and hedge funds own 4.65% of the company’s stock.
Sify Technologies Company Profile
Sify Technologies Ltd. engages in the provision of integrated Internet, network, and electronic commerce services in India. It operates through the following segments: Telecom-centric Services, and Data Center-centric Information Technology Services. The Telecom-centric Services segment includes domestic data, international data wholesale voice, and network managed services.
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