Syntel (SYNT) Trading -0.6% Higher After Strong Earnings

Syntel, Inc. (NASDAQ:SYNT) shares traded up 0.6% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $28.00 and last traded at $27.70. 342,743 shares were traded during trading, a decline of 25% from the average session volume of 459,787 shares. The stock had previously closed at $27.88.

The information technology services provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Syntel had a net margin of 18.00% and a negative return on equity of 218.07%. The company had revenue of $245.35 million for the quarter, compared to the consensus estimate of $228.02 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue was up 8.6% compared to the same quarter last year.

A number of research analysts have issued reports on the stock. SunTrust Banks restated a “hold” rating and set a $29.00 target price on shares of Syntel in a research report on Friday. BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a research report on Friday. Wells Fargo upgraded shares of Syntel from an “underperform” rating to a “market perform” rating in a research report on Friday. Wellington Shields upgraded shares of Syntel from a “hold” rating to an “accumulate” rating in a research report on Thursday. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Syntel in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $24.13.

In related news, insider Daniel M. Moore sold 2,000 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $26.69, for a total value of $53,380.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Prashant Ranade sold 50,000 shares of the firm’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 sale, the chairman now owns 257,933 shares in the company, valued at $7,010,618.94. The disclosure for this sale can be found here. Insiders sold a total of 53,800 shares of company stock worth $1,460,368 over the last quarter. 61.10% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. raised its holdings in Syntel by 1,208.5% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,679 shares of the information technology services provider’s stock worth $130,000 after buying an additional 5,245 shares during the period. SG Americas Securities LLC acquired a new stake in Syntel during the 4th quarter worth approximately $144,000. Comerica Bank acquired a new stake in Syntel during the 4th quarter worth approximately $213,000. Quantitative Systematic Strategies LLC acquired a new stake in Syntel during the 4th quarter worth approximately $221,000. Finally, Koch Industries Inc. acquired a new stake in Syntel during the 4th quarter worth approximately $234,000. Hedge funds and other institutional investors own 40.41% of the company’s stock.

The company has a current ratio of 2.17, a quick ratio of 2.17 and a debt-to-equity ratio of -25.89. The firm has a market capitalization of $2,182.81, a P/E ratio of 13.93, a P/E/G ratio of 1.89 and a beta of 0.74.

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About Syntel

Syntel, Inc provides digital transformation, information technology (IT), and knowledge process outsourcing (KPO) services worldwide. The company operates through Banking and Financial Services; Healthcare and Life Sciences; Insurance; Manufacturing; and Retail, Logistics, and Telecom segments. It provides end-to-end, integrated application, and infrastructure management services; develops software applications; and offers legacy modernization services, such as software analysis, language conversion, reverse engineering, database migration, code optimization, cloud onboarding and migration, ecosystem migration, testing, and management.

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