Sykes Enterprises, Incorporated (SYKE) Lifted to Buy at Zacks Investment Research
Sykes Enterprises, Incorporated (NASDAQ:SYKE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, July 13th. The firm presently has a $37.00 target price on the information technology services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 36.99% from the stock’s previous close.
According to Zacks, “Sykes Enterprises, Inc. is a leader in providing vertically integrated technology-based solutions through an integrated strategy combining its information technology services with an emerging e-commerce platform. Sykes’ continues to leverage its position as a leading provider of information technology services by assisting its clients in capitalizing on the growth of e-commerce over the Internet. Sykes’ e-commerce service platform enables it to comprehensively continue to expand by serving as a single-source provider of Internet-based technology solutions. “
Sykes Enterprises, (NASDAQ SYKE) opened at 27.01 on Thursday. The firm’s 50-day moving average is $33.70 and its 200 day moving average is $30.79. The firm has a market cap of $1.13 billion, a PE ratio of 16.89 and a beta of 0.75. Sykes Enterprises, has a 1-year low of $25.77 and a 1-year high of $34.49.
Sykes Enterprises, (NASDAQ:SYKE) last issued its quarterly earnings results on Monday, August 7th. The information technology services provider reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. The business had revenue of $375.40 million for the quarter, compared to the consensus estimate of $376.83 million. Sykes Enterprises, had a net margin of 4.41% and a return on equity of 11.39%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. On average, equities analysts forecast that Sykes Enterprises, will post $2.10 earnings per share for the current fiscal year.
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In other Sykes Enterprises, news, Director Paul L. Whiting sold 14,164 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $32.75, for a total transaction of $463,871.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP James T. Holder sold 2,500 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $33.00, for a total value of $82,500.00. Following the sale, the vice president now directly owns 19,119 shares of the company’s stock, valued at $630,927. The disclosure for this sale can be found here. Insiders have sold a total of 20,336 shares of company stock valued at $671,182 over the last three months. Company insiders own 2.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. bought a new stake in shares of Sykes Enterprises, during the first quarter worth approximately $605,000. State of Alaska Department of Revenue boosted its stake in shares of Sykes Enterprises, by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 4,360 shares of the information technology services provider’s stock worth $128,000 after buying an additional 70 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Sykes Enterprises, by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the information technology services provider’s stock worth $473,000 after buying an additional 200 shares during the period. First National Bank of Omaha bought a new stake in shares of Sykes Enterprises, during the first quarter worth approximately $807,000. Finally, Foundry Partners LLC boosted its stake in shares of Sykes Enterprises, by 10.0% in the first quarter. Foundry Partners LLC now owns 212,514 shares of the information technology services provider’s stock worth $6,248,000 after buying an additional 19,254 shares during the period. 86.94% of the stock is owned by institutional investors.
Sykes Enterprises, Company Profile
Sykes Enterprises, Incorporated is engaged in providing outsourced customer contact management solutions and services in the business process outsourcing (BPO) arena on a global basis. The Company has operations in two segments: the Americas, which includes the United States, Canada, Latin America, Australia and the Asia Pacific Rim, and EMEA, which includes Europe, the Middle East and Africa.
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