Syntel Inc. (SYNT) Downgraded by Barrington Research
Syntel Inc. (NASDAQ:SYNT) was downgraded by research analysts at Barrington Research from an “outperform” rating to a “market perform” rating in a report issued on Thursday.
A number of other research analysts have also recently issued reports on SYNT. Zacks Investment Research upgraded shares of Syntel from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Maxim Group reduced their price target on shares of Syntel from $48.00 to $45.00 and set a “hold” rating for the company in a report on Thursday, July 21st. Cantor Fitzgerald set a $43.00 price target on shares of Syntel and gave the company a “hold” rating in a report on Wednesday, September 7th. Needham & Company LLC reiterated a “buy” rating and issued a $48.00 price target on shares of Syntel in a report on Monday, September 12th. Finally, William Blair cut shares of Syntel from a “market perform” rating to an “underperform” rating in a report on Thursday, September 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $47.83.
Syntel (NASDAQ:SYNT) opened at 43.12 on Thursday. Syntel has a 1-year low of $40.68 and a 1-year high of $50.92. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 13.78 and a beta of 1.07. The company has a 50-day moving average of $44.72 and a 200-day moving average of $45.33.
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Syntel (NASDAQ:SYNT) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The firm earned $246 million during the quarter, compared to analysts’ expectations of $249.12 million. Syntel had a net margin of 26.49% and a return on equity of 22.35%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. On average, equities analysts predict that Syntel will post ($0.67) earnings per share for the current year.
The firm also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 22nd will be given a $15.00 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This is a positive change from Syntel’s previous special dividend of $2.25.
In other news, VP Sanjay Garg sold 1,375 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $57,763.75. Following the sale, the vice president now owns 2,750 shares of the company’s stock, valued at $115,527.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Raja Ray sold 718 shares of the business’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $42.69, for a total transaction of $30,651.42. Following the completion of the sale, the insider now directly owns 13,151 shares in the company, valued at approximately $561,416.19. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in SYNT. C M Bidwell & Associates Ltd. acquired a new stake in shares of Syntel during the first quarter worth approximately $100,000. Pacer Advisors Inc. acquired a new stake in shares of Syntel during the second quarter worth approximately $135,000. Invictus RG acquired a new stake in shares of Syntel during the first quarter worth approximately $142,000. Cypress Wealth Advisors LLC acquired a new stake in shares of Syntel during the first quarter worth approximately $209,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Syntel during the second quarter worth approximately $232,000. 34.06% of the stock is currently owned by institutional investors and hedge funds.
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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