Syntel Inc. (SYNT) Short Interest Up 57.1% in September
Syntel Inc. (NASDAQ:SYNT) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,035,368 shares, an increase of 57.1% from the August 31st total of 1,295,799 shares. Currently, 6.4% of the shares of the stock are sold short. Based on an average trading volume of 581,486 shares, the short-interest ratio is currently 3.5 days.
In other Syntel news, insider Raja Ray sold 718 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $42.69, for a total value of $30,651.42. Following the transaction, the insider now directly owns 13,151 shares in the company, valued at approximately $561,416.19. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Prashant Ranade sold 1,500 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $46.56, for a total transaction of $69,840.00. Following the completion of the transaction, the insider now owns 75,300 shares in the company, valued at $3,505,968. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BOKF NA boosted its position in shares of Syntel by 0.4% in the second quarter. BOKF NA now owns 7,931 shares of the company’s stock worth $359,000 after buying an additional 32 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Syntel by 0.9% in the second quarter. Principal Financial Group Inc. now owns 7,257 shares of the company’s stock worth $328,000 after buying an additional 67 shares in the last quarter. American International Group Inc. boosted its position in shares of Syntel by 0.9% in the second quarter. American International Group Inc. now owns 18,592 shares of the company’s stock worth $841,000 after buying an additional 164 shares in the last quarter. Eqis Capital Management Inc. boosted its position in shares of Syntel by 4.0% in the second quarter. Eqis Capital Management Inc. now owns 6,406 shares of the company’s stock worth $290,000 after buying an additional 248 shares in the last quarter. Finally, BB&T Securities LLC boosted its position in shares of Syntel by 2.5% in the second quarter. BB&T Securities LLC now owns 11,268 shares of the company’s stock worth $509,000 after buying an additional 270 shares in the last quarter. 34.06% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on SYNT shares. Needham & Company LLC restated a “buy” rating and issued a $48.00 target price on shares of Syntel in a report on Monday, September 12th. Cantor Fitzgerald set a $43.00 target price on shares of Syntel and gave the company a “hold” rating in a report on Thursday, July 21st. Maxim Group reduced their target price on shares of Syntel from $48.00 to $45.00 and set a “hold” rating on the stock in a report on Thursday, July 21st. JPMorgan Chase & Co. restated a “hold” rating and issued a $47.00 target price on shares of Syntel in a report on Tuesday, July 19th. Finally, Zacks Investment Research upgraded shares of Syntel from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $45.00.
Syntel (NASDAQ:SYNT) opened at 26.06 on Wednesday. Syntel has a 12-month low of $25.15 and a 12-month high of $50.92. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 8.33 and a beta of 1.12. The company has a 50-day moving average of $43.29 and a 200 day moving average of $44.98.
Syntel (NASDAQ:SYNT) last released its earnings results on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. Syntel had a return on equity of 22.35% and a net margin of 26.49%. Syntel’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. Equities analysts anticipate that Syntel will post ($0.67) earnings per share for the current year.
The company also recently announced a special dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 22nd were issued a dividend of $15.00 per share. This is a positive change from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend was Tuesday, October 4th.
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.
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