$215.95 Million in Sales Expected for Syntel, Inc. (NASDAQ:SYNT) This Quarter
Wall Street analysts expect that Syntel, Inc. (NASDAQ:SYNT) will announce $215.95 million in sales for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Syntel’s earnings, with estimates ranging from $211.50 million to $218.34 million. Syntel reported sales of $241.26 million during the same quarter last year, which would suggest a negative year over year growth rate of 10.5%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 19th.
According to Zacks, analysts expect that Syntel will report full year sales of $215.95 million for the current financial year. For the next year, analysts anticipate that the company will report sales of $872.04 million per share, with estimates ranging from $860.00 million to $912.94 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Syntel.
Syntel (NASDAQ:SYNT) last issued its earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Syntel had a negative net margin of 10.11% and a negative return on equity of 97.99%. The company had revenue of $226.81 million for the quarter, compared to analysts’ expectations of $220.48 million. During the same period in the prior year, the business earned $0.70 EPS. The firm’s quarterly revenue was down 7.7% on a year-over-year basis.
SYNT has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated a “hold” rating and set a $16.00 price target on shares of Syntel in a research note on Thursday. ValuEngine lowered shares of Syntel from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company reiterated a “market perform” rating and set a $18.00 price target (down from $20.00) on shares of Syntel in a research note on Sunday, April 23rd. BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. Finally, Needham & Company LLC cut their target price on shares of Syntel from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $26.31.
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Shares of Syntel (NASDAQ SYNT) traded up 4.36% on Friday, reaching $19.40. 1,362,105 shares of the company’s stock traded hands. The firm’s market capitalization is $1.62 billion. Syntel has a 52 week low of $15.82 and a 52 week high of $46.95. The firm’s 50 day moving average is $16.70 and its 200 day moving average is $18.20.
Syntel declared that its Board of Directors has initiated a share buyback plan on Thursday, July 20th that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Murlidhar Reddy acquired 1,986 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was acquired at an average cost of $17.83 per share, with a total value of $35,410.38. Following the completion of the acquisition, the insider now owns 34,079 shares of the company’s stock, valued at $607,628.57. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Prashant Ranade acquired 5,867 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The stock was purchased at an average cost of $17.19 per share, with a total value of $100,853.73. Following the completion of the acquisition, the chairman now directly owns 277,967 shares of the company’s stock, valued at approximately $4,778,252.73. The disclosure for this purchase can be found here. Insiders purchased 19,377 shares of company stock valued at $334,732 over the last ninety days. 61.10% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the stock. Legato Capital Management LLC increased its stake in Syntel by 885.8% in the second quarter. Legato Capital Management LLC now owns 51,861 shares of the information technology services provider’s stock valued at $880,000 after buying an additional 46,600 shares during the last quarter. Eqis Capital Management Inc. increased its stake in Syntel by 4.2% in the second quarter. Eqis Capital Management Inc. now owns 12,774 shares of the information technology services provider’s stock valued at $217,000 after buying an additional 515 shares during the last quarter. Horrell Capital Management Inc. increased its stake in Syntel by 45.1% in the second quarter. Horrell Capital Management Inc. now owns 160,800 shares of the information technology services provider’s stock valued at $2,727,000 after buying an additional 50,000 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Syntel during the second quarter valued at $309,000. Finally, RK Asset Management LLC increased its stake in Syntel by 10.8% in the second quarter. RK Asset Management LLC now owns 261,448 shares of the information technology services provider’s stock valued at $4,434,000 after buying an additional 25,580 shares during the last quarter. 33.61% of the stock is owned by institutional investors and hedge funds.
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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