Syntel Inc. (SYNT) Lowered to Market Perform at Barrington Research
Syntel Inc. (NASDAQ:SYNT) was downgraded by equities researchers at Barrington Research from an “outperform” rating to a “market perform” rating in a report issued on Thursday.
Several other research firms also recently issued reports on SYNT. Zacks Investment Research raised shares of Syntel from a “sell” rating to a “hold” rating in a research 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 research 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 research report on Wednesday, September 7th. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price target on shares of Syntel in a research report on Monday, September 12th. Finally, William Blair downgraded shares of Syntel from a “market perform” rating to an “underperform” rating in a research 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 stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $47.83.
Shares of Syntel (NASDAQ:SYNT) opened at 43.12 on Thursday. Syntel has a 52-week low of $40.68 and a 52-week high of $50.92. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 13.78 and a beta of 1.07. The firm’s 50-day moving average is $44.72 and its 200 day moving average is $45.33.
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Syntel (NASDAQ:SYNT) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The company earned $246 million during the quarter, compared to analyst estimates of $249.12 million. Syntel had a net margin of 26.49% and a return on equity of 22.35%. Syntel’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. On average, equities research analysts anticipate that Syntel will post ($0.67) earnings per share for the current year.
The business also recently declared a special dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 22nd will be issued a $15.00 dividend. This is an increase from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend is Tuesday, October 4th.
In related news, insider Prashant Ranade sold 3,200 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $134,432.00. Following the transaction, the insider now directly owns 72,100 shares of the company’s stock, valued at approximately $3,028,921. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Avinash Salelkar sold 943 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $45.79, for a total transaction of $43,179.97. Following the completion of the transaction, the vice president now directly owns 15,021 shares in the company, valued at $687,811.59. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. BOKF NA increased its position in shares of Syntel by 0.4% in the second quarter. BOKF NA now owns 7,931 shares of the company’s stock worth $359,000 after buying an additional 32 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Syntel by 0.9% in the second quarter. Principal Financial Group Inc. now owns 7,257 shares of the company’s stock worth $328,000 after buying an additional 67 shares in the last quarter. American International Group Inc. boosted its stake in shares of Syntel by 0.9% in the second quarter. American International Group Inc. now owns 18,592 shares of the company’s stock worth $841,000 after buying an additional 164 shares in the last quarter. Eqis Capital Management Inc. boosted its stake in shares of Syntel by 4.0% in the second quarter. Eqis Capital Management Inc. now owns 6,406 shares of the company’s stock worth $290,000 after buying an additional 248 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in shares of Syntel by 2.5% in the second quarter. BB&T Securities LLC now owns 11,268 shares of the company’s stock worth $509,000 after buying an additional 270 shares in the last quarter. 34.06% of the stock is currently owned by institutional investors.
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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