Syntel, Inc. (NASDAQ:SYNT)‘s stock had its “hold” rating restated by stock analysts at Cowen and Company in a research note issued on Thursday. They currently have a $18.00 price objective on the information technology services provider’s stock. Cowen and Company’s price objective points to a potential downside of 8.95% from the company’s previous close.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research raised shares of Syntel from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. ValuEngine cut shares of Syntel from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Maxim Group restated a “hold” rating on shares of Syntel in a research note on Thursday, July 20th. Cantor Fitzgerald restated a “hold” rating and set a $16.00 price target on shares of Syntel in a research note on Thursday, July 20th. Finally, BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. 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 company’s stock. The stock presently has an average rating of “Hold” and an average target price of $21.73.
Shares of Syntel (SYNT) traded up 0.20% during midday trading on Thursday, hitting $19.81. 82,640 shares of the company traded hands. The company has a 50-day moving average price of $18.76 and a 200-day moving average price of $17.87. Syntel has a 52 week low of $15.82 and a 52 week high of $26.82. The stock’s market capitalization is $1.66 billion.
Syntel (NASDAQ:SYNT) last posted its earnings results on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.04. Syntel had a negative net margin of 10.11% and a negative return on equity of 110.72%. The company had revenue of $226.81 million during the quarter. During the same period in the previous year, the company earned $0.70 EPS. The company’s revenue was down 7.7% on a year-over-year basis. Analysts anticipate that Syntel will post $1.72 earnings per share for the current fiscal year.
Syntel declared that its Board of Directors has initiated a share buyback plan 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 buy 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.
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Institutional investors have recently modified their holdings of the business. UBS Asset Management Americas Inc. acquired a new position in Syntel during the 2nd quarter valued at approximately $181,000. Legal & General Group Plc increased its stake in shares of Syntel by 8.0% in the second quarter. Legal & General Group Plc now owns 11,916 shares of the information technology services provider’s stock worth $202,000 after acquiring an additional 881 shares during the period. Eqis Capital Management Inc. increased its stake in shares of Syntel by 4.2% in the second quarter. Eqis Capital Management Inc. now owns 12,774 shares of the information technology services provider’s stock worth $217,000 after acquiring an additional 515 shares during the period. Voya Investment Management LLC increased its stake in shares of Syntel by 14.7% in the second quarter. Voya Investment Management LLC now owns 16,026 shares of the information technology services provider’s stock worth $272,000 after acquiring an additional 2,054 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Syntel in the second quarter worth $309,000. Institutional investors and hedge funds own 34.71% of the company’s stock.
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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