Syntel Inc. (SYNT) Receives Consensus Recommendation of “Hold” from Brokerages
Syntel Inc. (NASDAQ:SYNT) has earned an average rating of “Hold” from the eleven ratings firms that are covering the company. Two equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $43.60.
SYNT has been the subject of several recent analyst reports. Zacks Investment Research upgraded Syntel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Cantor Fitzgerald restated a “hold” rating and issued a $43.00 price target on shares of Syntel in a research note on Wednesday, July 6th. Maxim Group downgraded Syntel from a “buy” rating to a “hold” rating and set a $48.00 price target for the company. in a research note on Friday, July 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $47.00 price objective on shares of Syntel in a report on Tuesday, July 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price objective on shares of Syntel in a report on Monday, September 12th.
In other Syntel news, VP Sanjay Garg sold 1,375 shares of the stock in a transaction 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 owns 2,750 shares in the company, valued at $115,527.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Nitin Rakesh sold 1,750 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the sale, the chief executive officer now owns 49,600 shares in the company, valued at approximately $2,083,696. The disclosure for this sale can be found here. Corporate insiders own 61.80% of the company’s stock.
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A number of hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in Syntel by 24.1% in the first quarter. Renaissance Technologies LLC now owns 787,190 shares of the company’s stock worth $39,304,000 after buying an additional 153,100 shares during the last quarter. Invictus RG acquired a new stake in Syntel during the first quarter worth $142,000. BlackRock Institutional Trust Company N.A. raised its stake in Syntel by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 766,093 shares of the company’s stock worth $38,251,000 after buying an additional 11,038 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Syntel by 13.5% in the first quarter. JPMorgan Chase & Co. now owns 18,423 shares of the company’s stock worth $920,000 after buying an additional 2,198 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in Syntel by 19.4% in the first quarter. BlackRock Group LTD now owns 26,244 shares of the company’s stock worth $1,310,000 after buying an additional 4,256 shares during the last quarter. Institutional investors and hedge funds own 34.03% of the company’s stock.
Syntel (NASDAQ:SYNT) traded down 0.26% on Wednesday, hitting $26.44. 198,530 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $37.72 and a 200-day moving average price of $43.42. Syntel has a 12 month low of $25.15 and a 12 month high of $50.92. The stock has a market cap of $2.22 billion, a P/E ratio of 8.45 and a beta of 1.12.
Syntel (NASDAQ:SYNT) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The business earned $246 million during the quarter, compared to the consensus estimate of $249.12 million. During the same period in the prior year, the company posted $0.72 EPS. The firm’s revenue for the quarter 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 fiscal year.
The business also recently declared a special dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 22nd were issued a dividend of $15.00 per share. The ex-dividend date was Tuesday, October 4th. This is a positive change from Syntel’s previous special dividend of $2.25.
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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