Shares of Syntel, Inc. (NASDAQ:SYNT) saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 3,549,582 shares traded hands during mid-day trading, an increase of 840% from the previous session’s volume of 377,616 shares.The stock last traded at $24.30 and had previously closed at $19.10.

The information technology services provider reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.16. The business had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $217.37 million. During the same quarter last year, the business posted $0.63 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year.

Syntel declared that its board has authorized a stock buyback plan on Thursday, July 20th that allows the company to buyback $60.00 million in shares. This buyback authorization allows the information technology services provider to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Several research firms have weighed in on SYNT. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, July 25th. SunTrust Banks, Inc. restated a “hold” rating and set a $20.00 target price on shares of Syntel in a report on Tuesday. Maxim Group restated a “hold” rating on shares of Syntel in a report on Thursday, July 20th. ValuEngine upgraded shares of Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Finally, Robert W. Baird restated a “hold” rating and set a $20.00 target price on shares of Syntel in a report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Syntel presently has a consensus rating of “Hold” and an average target price of $21.10.

Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its holdings in shares of Syntel by 5.5% during the first quarter. Swiss National Bank now owns 55,300 shares of the information technology services provider’s stock worth $931,000 after buying an additional 2,900 shares in the last quarter. AXA purchased a new stake in shares of Syntel during the second quarter worth about $1,046,000. Freestone Capital Holdings LLC grew its holdings in shares of Syntel by 6.7% during the second quarter. Freestone Capital Holdings LLC now owns 735,111 shares of the information technology services provider’s stock worth $12,467,000 after buying an additional 46,174 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Syntel during the second quarter worth about $1,082,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Syntel during the first quarter worth about $700,000. Institutional investors and hedge funds own 34.70% of the company’s stock.

The stock’s market capitalization is $2.03 billion. The company has a 50 day moving average price of $18.88 and a 200 day moving average price of $17.92.

COPYRIGHT VIOLATION NOTICE: “Syntel, Inc. (SYNT) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings” was first posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://www.thecerbatgem.com/2017/10/17/syntel-inc-synt-sees-unusually-high-trading-volume-on-better-than-expected-earnings.html.

About Syntel

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.

Receive News & Stock Ratings for Syntel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel Inc. and related stocks with our FREE daily email newsletter.