Syntel Inc. (NASDAQ:SYNT) saw a large growth in short interest in September. As of September 15th, there was short interest totalling 2,035,368 shares, a growth of 57.1% from the August 31st total of 1,295,799 shares. Based on an average daily volume of 581,486 shares, the short-interest ratio is currently 3.5 days. Currently, 6.4% of the shares of the company are sold short.
Several analysts have commented on SYNT shares. Zacks Investment Research upgraded shares of Syntel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Cantor Fitzgerald restated a “hold” rating and set a $43.00 price objective on shares of Syntel in a research note on Wednesday, July 6th. Maxim Group cut shares of Syntel from a “buy” rating to a “hold” rating and set a $48.00 price objective for the company. in a research note on Friday, July 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “hold” rating and set a $47.00 price objective on shares of Syntel in a research note on Tuesday, July 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $48.00 price objective on shares of Syntel in a research note on Monday, September 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Syntel has a consensus rating of “Hold” and a consensus target price of $45.00.
In other Syntel news, VP Sanjay Garg sold 1,375 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 $57,763.75. Following the completion of the sale, the vice president now directly owns 2,750 shares in the company, valued at approximately $115,527.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Prashant Ranade sold 1,500 shares of Syntel stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $46.56, for a total transaction of $69,840.00. Following the sale, the insider now owns 75,300 shares of the company’s stock, valued at $3,505,968. 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 added to or reduced their stakes in the company. BOKF NA boosted its position in Syntel by 0.4% in the second quarter. BOKF NA now owns 7,931 shares of the company’s stock valued at $359,000 after buying an additional 32 shares during the last quarter. Principal Financial Group Inc. boosted its position in Syntel by 0.9% in the second quarter. Principal Financial Group Inc. now owns 7,257 shares of the company’s stock valued at $328,000 after buying an additional 67 shares during the last quarter. American International Group Inc. boosted its position in Syntel by 0.9% in the second quarter. American International Group Inc. now owns 18,592 shares of the company’s stock valued at $841,000 after buying an additional 164 shares during the last quarter. Eqis Capital Management Inc. boosted its position in Syntel by 4.0% in the second quarter. Eqis Capital Management Inc. now owns 6,406 shares of the company’s stock valued at $290,000 after buying an additional 248 shares during the last quarter. Finally, BB&T Securities LLC boosted its position in Syntel by 2.5% in the second quarter. BB&T Securities LLC now owns 11,268 shares of the company’s stock valued at $509,000 after buying an additional 270 shares during the last quarter. 34.06% of the stock is owned by institutional investors.
Shares of Syntel (NASDAQ:SYNT) opened at 26.96 on Friday. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 8.61 and a beta of 1.12. Syntel has a one year low of $25.15 and a one year high of $50.92. The company has a 50-day moving average of $42.21 and a 200 day moving average of $44.72.
Syntel (NASDAQ:SYNT) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The company earned $246 million during the quarter, compared to analysts’ expectations of $249.12 million. During the same quarter in the prior year, the business posted $0.72 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that Syntel will post ($0.67) earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 22nd were paid a $15.00 dividend. This is a boost from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend was Tuesday, October 4th.
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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