Syntel Inc. (SYNT) Rating Increased to Hold at Zacks Investment Research
Syntel Inc. (NASDAQ:SYNT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Syntel is a worldwide provider of advanced technology services to Fortune 1000 companies, as well as to government entities. Their service offerings are grouped into three segments: e-Business, Application Outsourcing, and Teamsourcing. E-Business consists of practice areas in Web Solutions, Customer Relationship Management, Data Warehousing/Business Intelligence, and Enterprise Application Outsourcing services. “
SYNT has been the subject of several other reports. Cantor Fitzgerald set a $43.00 price objective on shares of Syntel and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Barrington Research cut shares of Syntel from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 22nd. Maxim Group cut their price objective on shares of Syntel from $45.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, October 4th. Needham & Company LLC restated a “buy” rating and set a $48.00 price objective on shares of Syntel in a research report on Monday, September 12th. Finally, Robert W. Baird raised their price objective on shares of Syntel from $46.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $37.00.
Shares of Syntel (NASDAQ:SYNT) opened at 19.41 on Tuesday. Syntel has a 12 month low of $18.00 and a 12 month high of $50.92. The stock has a 50 day moving average of $24.58 and a 200 day moving average of $39.47. The stock’s market cap is $1.63 billion.
Syntel (NASDAQ:SYNT) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.59) by $3.22. The firm had revenue of $241.30 million for the quarter, compared to the consensus estimate of $249.81 million. Syntel had a negative net margin of 3.17% and a positive return on equity of 28.09%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.92 earnings per share. On average, equities analysts anticipate that Syntel will post ($0.71) earnings per share for the current fiscal year.
In related news, VP Avinash Salelkar sold 5,000 shares of Syntel stock in a transaction that occurred 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 owns 10,021 shares in the company, valued at $436,414.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nitin Rakesh sold 1,750 shares of Syntel stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total transaction of $73,517.50. Following the completion of the transaction, the chief executive officer now owns 49,600 shares of the company’s stock, valued at approximately $2,083,696. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SYNT. 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 during the period. Principal Financial Group Inc. increased 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. increased 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. BlackRock Inc. increased its position in shares of Syntel by 6.1% in the third quarter. BlackRock Inc. now owns 3,099 shares of the company’s stock worth $131,000 after buying an additional 177 shares in the last quarter. Finally, Aperio Group LLC increased its position in shares of Syntel by 3.8% in the third quarter. Aperio Group LLC now owns 6,242 shares of the company’s stock worth $262,000 after buying an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 33.72% of the company’s stock.
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.
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