Syntel (SYNT) to Buyback $60.00 million in Stock
Syntel (NASDAQ:SYNT) announced that its Board of Directors has authorized a stock buyback plan, which permits the company to repurchase $60.00 million in shares on Thursday, July 20th, EventVestor reports. This repurchase authorization permits the information technology services provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Syntel (NASDAQ:SYNT) traded up 2.74% during trading on Friday, hitting $19.10. The stock had a trading volume of 316,015 shares. The company’s market cap is $1.60 billion. The stock has a 50-day moving average price of $16.70 and a 200-day moving average price of $18.20. Syntel has a 52 week low of $15.82 and a 52 week high of $46.95.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. The firm had revenue of $226.81 million during the quarter. Syntel had a negative net margin of 7.58% and a positive return on equity of 110.62%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 EPS. Equities analysts predict that Syntel will post $1.71 EPS for the current year.
Several analysts recently weighed in on SYNT shares. Cantor Fitzgerald reissued a “hold” rating and issued a $16.00 price objective on shares of Syntel in a report on Thursday. ValuEngine lowered Syntel from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Cowen and Company reaffirmed a “market perform” rating and set a $18.00 target price (down from $20.00) on shares of Syntel in a report on Sunday, April 23rd. BidaskClub raised Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Needham & Company LLC lowered their target price on Syntel from $23.00 to $21.00 and set a “buy” rating for the company in a report on Friday, April 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.31.
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In other Syntel news, insider Murlidhar Reddy purchased 1,986 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was purchased at an average price of $17.83 per share, for a total transaction of $35,410.38. Following the completion of the purchase, the insider now directly owns 34,079 shares in the company, valued at $607,628.57. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Prashant Ranade purchased 5,867 shares of the business’s stock in a transaction on Tuesday, April 25th. The shares were acquired at an average price of $17.19 per share, with a total value of $100,853.73. Following the purchase, the chairman now owns 277,967 shares of the company’s stock, valued at $4,778,252.73. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 19,377 shares of company stock valued at $334,732. Corporate insiders own 61.10% of the company’s stock.
Syntel Company Profile
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology (IT) and knowledge process outsourcing (KPO) services. The Company operates through five segments: Banking and Financial Services, Healthcare and Life Sciences, Insurance, Manufacturing, and Retail, Logistics and Telecom.
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