Syntel Inc. (SYNT) Price Target Cut to $28.00 by Analysts at Maxim Group
Syntel Inc. (NASDAQ:SYNT) had its target price cut by analysts at Maxim Group from $45.00 to $28.00 in a report released on Tuesday. The brokerage currently has a “hold” rating on the stock. Maxim Group’s price target suggests a potential downside of 34.33% from the company’s current price.
A number of other brokerages also recently commented on SYNT. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $47.00 target price on shares of Syntel in a report on Tuesday, July 19th. Cantor Fitzgerald set a $43.00 price objective on shares of Syntel and gave the company a “hold” rating in a report on Tuesday, September 13th. Robert W. Baird upped their price objective on shares of Syntel from $46.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, September 13th. Zacks Investment Research downgraded shares of Syntel from a “hold” rating to a “sell” rating in a report on Saturday, July 23rd. Finally, Barrington Research downgraded shares of Syntel from an “outperform” rating to a “market perform” rating in a report on Thursday, September 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. Syntel currently has a consensus rating of “Hold” and an average price target of $45.00.
Shares of Syntel (NASDAQ:SYNT) traded down 40.24% during trading on Tuesday, reaching $25.48. 2,831,230 shares of the company’s stock traded hands. Syntel has a one year low of $25.15 and a one year high of $50.92. The stock has a market cap of $2.14 billion, a P/E ratio of 8.14 and a beta of 1.12. The company has a 50 day moving average price of $43.85 and a 200-day moving average price of $45.13.
Syntel (NASDAQ:SYNT) last announced its earnings results on Thursday, July 21st. The company reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. The business earned $246 million during the quarter, compared to the consensus estimate of $249.12 million. Syntel had a net margin of 26.49% and a return on equity of 22.35%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. On average, equities research analysts expect that Syntel will post ($0.67) EPS for the current fiscal year.
The business also recently disclosed a special dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd were given a $15.00 dividend. The ex-dividend date of this dividend was Tuesday, October 4th. This is a positive change from Syntel’s previous special dividend of $2.25.
In related news, CEO Nitin Rakesh sold 1,750 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the transaction, the chief executive officer now directly owns 49,600 shares of the company’s stock, valued at approximately $2,083,696. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Avinash Salelkar sold 5,000 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $43.55, for a total value of $217,750.00. Following the completion of the transaction, the vice president now directly owns 10,021 shares of the company’s stock, valued at $436,414.55. The disclosure for this sale can be found here. 61.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its position in Syntel by 9.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 158,887 shares of the company’s stock valued at $7,192,000 after buying an additional 14,119 shares in the last quarter. Stifel Financial Corp increased its position in Syntel by 4.1% in the second quarter. Stifel Financial Corp now owns 23,350 shares of the company’s stock valued at $1,057,000 after buying an additional 922 shares in the last quarter. American Century Companies Inc. increased its position in Syntel by 327.7% in the second quarter. American Century Companies Inc. now owns 46,217 shares of the company’s stock valued at $2,092,000 after buying an additional 35,410 shares in the last quarter. Legal & General Group Plc increased its position in Syntel by 20.2% in the second quarter. Legal & General Group Plc now owns 8,321 shares of the company’s stock valued at $371,000 after buying an additional 1,400 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in Syntel during the second quarter valued at approximately $3,385,000. 34.06% of the stock is owned by hedge funds and other institutional investors.
Syntel Company Profile
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology and knowledge process outsourcing services. The Company operates through five segments: Banking and Financial Services, which serves financial institutions around the world; Healthcare and Life Sciences, which serve various companies, including healthcare payers, providers, and pharmaceutical and medical device providers; Insurance, which serve the needs of property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers; Manufacturing, which provides business consulting and technology services for industrial and automotive clients, and Retail, Logistics and Telecom, which serves a range of retailers and distributors, logistics clients and clients in the telecom industry.
Receive News & Stock Ratings for Syntel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel Inc. and related stocks with our FREE daily email newsletter.