Smith Asset Management Group LP bought a new stake in Syntel, Inc. (NASDAQ:SYNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 146,000 shares of the information technology services provider’s stock, valued at approximately $3,357,000.
Several other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in Syntel by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,574 shares of the information technology services provider’s stock valued at $468,000 after acquiring an additional 683 shares during the period. Voya Investment Management LLC increased its position in Syntel by 14.7% in the 2nd quarter. Voya Investment Management LLC now owns 16,026 shares of the information technology services provider’s stock valued at $272,000 after acquiring an additional 2,054 shares during the period. Group One Trading L.P. increased its position in Syntel by 52.2% in the 3rd quarter. Group One Trading L.P. now owns 7,287 shares of the information technology services provider’s stock valued at $143,000 after acquiring an additional 2,498 shares during the period. ARGA Investment Management LP increased its position in Syntel by 1.0% in the 3rd quarter. ARGA Investment Management LP now owns 253,100 shares of the information technology services provider’s stock valued at $4,973,000 after acquiring an additional 2,600 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Syntel in the 4th quarter valued at about $144,000. 40.63% of the stock is owned by institutional investors and hedge funds.
SYNT has been the topic of several recent research reports. Wells Fargo & Co cut Syntel from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $24.16 to $21.00 in a research report on Friday, December 29th. ValuEngine upgraded Syntel from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. JPMorgan Chase & Co. cut Syntel from a “neutral” rating to an “underweight” rating in a research report on Tuesday, December 12th. Needham & Company LLC cut Syntel from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Syntel from a “buy” rating to a “hold” rating in a research report on Wednesday, December 20th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $23.00.
Syntel (NASDAQ:SYNT) last released its earnings results on Thursday, February 15th. The information technology services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.23. Syntel had a negative return on equity of 170.67% and a net margin of 18.00%. The company had revenue of $239.81 million for the quarter. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. sell-side analysts forecast that Syntel, Inc. will post 1.87 earnings per share for the current fiscal year.
In other Syntel news, Chairman Prashant Ranade sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $27.18, for a total transaction of $1,359,000.00. Following the transaction, the chairman now owns 257,933 shares in the company, valued at approximately $7,010,618.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 52,864 shares of company stock worth $1,432,459 in the last quarter. 61.10% of the stock is currently owned by insiders.
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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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