Syntel Inc. (SYNT) Price Target Cut to $28.00
Syntel Inc. (NASDAQ:SYNT) had its price objective reduced by equities researchers at Maxim Group from $45.00 to $28.00 in a note issued to investors on Tuesday. The brokerage presently has a “hold” rating on the stock. Maxim Group’s price objective points to a potential upside of 5.66% from the stock’s previous close.
SYNT has been the topic of a number of other research reports. William Blair downgraded Syntel from a “market perform” rating to an “underperform” rating in a report on Thursday, September 15th. Robert W. Baird boosted their price target on Syntel from $46.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $48.00 target price on shares of Syntel in a report on Monday, September 12th. Zacks Investment Research downgraded Syntel from a “hold” rating to a “sell” rating in a report on Saturday, July 23rd. Finally, Barrington Research downgraded Syntel from an “outperform” rating to a “market perform” rating in a report on Thursday, September 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $45.00.
Shares of Syntel (NASDAQ:SYNT) opened at 26.50 on Tuesday. The company’s 50 day moving average price is $41.68 and its 200-day moving average price is $44.57. The stock has a market capitalization of $2.23 billion, a P/E ratio of 8.47 and a beta of 1.12. Syntel has a 12 month low of $25.15 and a 12 month high of $50.92.
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Syntel (NASDAQ:SYNT) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The company had revenue of $246 million for the quarter, compared to the consensus estimate of $249.12 million. During the same quarter in the previous year, the business earned $0.72 EPS. Syntel’s revenue was up 2.6% compared to the same quarter last year. Equities analysts predict that Syntel will post ($0.67) earnings per share for the current year.
The business also recently declared a special dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 22nd were given a $15.00 dividend. This is a boost from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend was Tuesday, October 4th.
In other news, VP Sanjay Garg sold 1,375 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $57,763.75. Following the sale, the vice president now directly owns 2,750 shares of the company’s stock, valued at approximately $115,527.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anil Jain sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $45.60, for a total value of $57,000.00. Following the completion of the sale, the insider now directly owns 13,940 shares in the company, valued at $635,664. The disclosure for this sale can be found here. 61.80% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of SYNT. BOKF NA boosted its position in Syntel by 0.4% in the second quarter. BOKF NA now owns 7,931 shares of the company’s stock valued at $359,000 after buying an additional 32 shares during the period. Principal Financial Group Inc. boosted its position in Syntel by 0.9% in the second quarter. Principal Financial Group Inc. now owns 7,257 shares of the company’s stock valued at $328,000 after buying an additional 67 shares during the period. American International Group Inc. boosted its position in Syntel by 0.9% in the second quarter. American International Group Inc. now owns 18,592 shares of the company’s stock valued at $841,000 after buying an additional 164 shares during the period. Eqis Capital Management Inc. boosted its position in Syntel by 4.0% in the second quarter. Eqis Capital Management Inc. now owns 6,406 shares of the company’s stock valued at $290,000 after buying an additional 248 shares during the period. Finally, BB&T Securities LLC boosted its position in Syntel by 2.5% in the second quarter. BB&T Securities LLC now owns 11,268 shares of the company’s stock valued at $509,000 after buying an additional 270 shares during the period. 34.06% of the stock is currently owned by hedge funds and other institutional investors.
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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