Cantor Fitzgerald Analysts Boost Earnings Estimates for Syntel, Inc. (SYNT)
Syntel, Inc. (NASDAQ:SYNT) – Investment analysts at Cantor Fitzgerald lifted their FY2017 earnings per share estimates for Syntel in a report released on Monday. Cantor Fitzgerald analyst J. Foresi now anticipates that the information technology services provider will earn $1.72 per share for the year, up from their prior estimate of $1.69. Cantor Fitzgerald has a “Hold” rating and a $16.00 price target on the stock. Cantor Fitzgerald also issued estimates for Syntel’s FY2018 earnings at $1.72 EPS.
Syntel (NASDAQ:SYNT) last released its 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. 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. During the same quarter in the previous year, the business posted $0.70 EPS. Syntel’s revenue was down 7.7% on a year-over-year basis. ILLEGAL ACTIVITY NOTICE: This piece was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/07/25/cantor-fitzgerald-analysts-boost-earnings-estimates-for-syntel-inc-synt-3.html.
Several other equities research analysts have also commented on the company. Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Tuesday. Maxim Group restated a “hold” rating on shares of Syntel in a research report on Thursday, July 20th. ValuEngine raised Syntel from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. BidaskClub raised Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. Finally, 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 research note on Sunday, April 23rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Syntel presently has a consensus rating of “Hold” and an average price target of $26.09.
Shares of Syntel (SYNT) opened at 19.45 on Tuesday. The firm’s 50-day moving average is $16.82 and its 200-day moving average is $18.18. The company’s market cap is $1.63 billion. Syntel has a 1-year low of $15.82 and a 1-year high of $46.95.
Syntel declared that its board has authorized a share repurchase program on Thursday, July 20th that allows the company to buyback $60.00 million in shares. This buyback authorization allows the information technology services provider to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
In related news, insider Anil Jain bought 3,775 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was acquired at an average cost of $17.30 per share, with a total value of $65,307.50. Following the purchase, the insider now directly owns 21,715 shares of the company’s stock, valued at $375,669.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rex E. Jr. Schlaybaugh bought 2,000 shares of the business’s stock in a transaction on Wednesday, April 26th. The stock was bought at an average cost of $17.29 per share, with a total value of $34,580.00. Following the completion of the purchase, the director now directly owns 6,114 shares in the company, valued at $105,711.06. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 7,761 shares of company stock valued at $135,298. 61.10% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Syntel by 3.2% in the first quarter. Vanguard Group Inc. now owns 2,593,466 shares of the information technology services provider’s stock worth $43,649,000 after buying an additional 80,485 shares during the period. FIL Ltd increased its stake in shares of Syntel by 52.1% in the first quarter. FIL Ltd now owns 732,603 shares of the information technology services provider’s stock worth $12,330,000 after buying an additional 250,949 shares during the period. Pekin Singer Strauss Asset Management IL increased its stake in shares of Syntel by 7.7% in the first quarter. Pekin Singer Strauss Asset Management IL now owns 644,999 shares of the information technology services provider’s stock worth $10,855,000 after buying an additional 45,920 shares during the period. State Street Corp increased its stake in shares of Syntel by 8.8% in the fourth quarter. State Street Corp now owns 599,404 shares of the information technology services provider’s stock worth $11,864,000 after buying an additional 48,343 shares during the period. Finally, Norges Bank bought a new stake in shares of Syntel during the fourth quarter worth about $11,015,000. 33.65% of the stock is owned by institutional investors and hedge funds.
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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