Sykes Enterprises, Incorporated (NASDAQ:SYKE) Shares Down 19.2% After Analyst Downgrade
Sykes Enterprises, Incorporated (NASDAQ:SYKE) shares were down 19.2% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $36.00 to $30.00. Robert W. Baird currently has a neutral rating on the stock. Sykes Enterprises, traded as low as $26.50 and last traded at $27.01, with a volume of 890,693 shares. The stock had previously closed at $33.43.
Separately, Zacks Investment Research upgraded Sykes Enterprises, from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Wednesday, May 3rd.
In other news, insider Jenna Nelson sold 3,672 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $33.99, for a total value of $124,811.28. Following the transaction, the insider now directly owns 14,520 shares in the company, valued at approximately $493,534.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James T. Holder sold 2,500 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $33.00, for a total value of $82,500.00. Following the completion of the transaction, the vice president now owns 19,119 shares in the company, valued at $630,927. The disclosure for this sale can be found here. Insiders sold a total of 20,336 shares of company stock worth $671,182 over the last 90 days. 2.70% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Sykes Enterprises, during the fourth quarter valued at about $19,123,000. Teachers Advisors LLC raised its position in Sykes Enterprises, by 3.9% in the fourth quarter. Teachers Advisors LLC now owns 89,428 shares of the information technology services provider’s stock valued at $2,581,000 after buying an additional 3,358 shares in the last quarter. First National Bank of Omaha acquired a new position in Sykes Enterprises, during the first quarter valued at $807,000. Louisiana State Employees Retirement System raised its position in 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 valued at $473,000 after buying an additional 200 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in 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 valued at $128,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 86.94% of the company’s stock.
The firm has a 50-day moving average of $33.70 and a 200-day moving average of $30.79. The firm has a market cap of $1.08 billion, a PE ratio of 16.21 and a beta of 0.75.
Sykes Enterprises, (NASDAQ:SYKE) last posted its quarterly earnings data on Monday, August 7th. The information technology services provider reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. The business had revenue of $375.40 million during the quarter, compared to the consensus estimate of $376.83 million. Sykes Enterprises, had a return on equity of 11.35% and a net margin of 4.36%. Sykes Enterprises,’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. Equities research analysts predict that Sykes Enterprises, Incorporated will post $2.10 EPS for the current year.
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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