Syntel, Inc. (NASDAQ:SYNT) Shares Bought by Swiss National Bank
Swiss National Bank increased its stake in Syntel, Inc. (NASDAQ:SYNT) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,300 shares of the information technology services provider’s stock after buying an additional 2,900 shares during the period. Swiss National Bank owned 0.07% of Syntel worth $931,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Pekin Singer Strauss Asset Management IL increased its stake in shares of Syntel by 7.7% in the first quarter. Pekin Singer Strauss Asset Management IL now owns 644,999 shares of the information technology services provider’s stock valued at $10,855,000 after buying an additional 45,920 shares in the last quarter. HPM Partners LLC purchased a new stake in shares of Syntel during the first quarter valued at $219,000. Eqis Capital Management Inc. increased its stake in shares of Syntel by 4.9% in the first quarter. Eqis Capital Management Inc. now owns 12,259 shares of the information technology services provider’s stock valued at $206,000 after buying an additional 570 shares in the last quarter. Stoneridge Investment Partners LLC purchased a new stake in shares of Syntel during the first quarter valued at $1,279,000. Finally, Hikari Power Ltd purchased a new stake in shares of Syntel during the first quarter valued at $332,000. Institutional investors own 33.54% of the company’s stock.
Shares of Syntel, Inc. (NASDAQ SYNT) traded down 0.85% during trading on Friday, reaching $18.67. 333,924 shares of the company were exchanged. The company has a 50 day moving average price of $17.31 and a 200-day moving average price of $18.13. The stock’s market capitalization is $1.56 billion. Syntel, Inc. has a one year low of $15.82 and a one year high of $46.95.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. The firm had revenue of $226.81 million for the quarter. Syntel had a negative return on equity of 110.72% and a negative net margin of 10.11%. Syntel’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 earnings per share. Equities analysts predict that Syntel, Inc. will post $1.72 EPS for the current year.
Syntel declared that its board has initiated a stock repurchase program on Thursday, July 20th that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have commented on SYNT. Zacks Investment Research raised shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, July 25th. ValuEngine downgraded shares of Syntel from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Cowen and Company restated a “market perform” rating and set a $18.00 price target (down from $20.00) on shares of Syntel in a report on Sunday, April 23rd. BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $16.00 target price on shares of Syntel in a research note on Thursday, July 20th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $26.09.
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology (IT) and knowledge process outsourcing (KPO) services. The Company operates through five segments: Banking and Financial Services, Healthcare and Life Sciences, Insurance, Manufacturing, and Retail, Logistics and Telecom.
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