Brokerages Anticipate Syntel, Inc. (NASDAQ:SYNT) Will Announce Quarterly Sales of $218.24 Million
Analysts expect Syntel, Inc. (NASDAQ:SYNT) to report $218.24 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Syntel’s earnings, with the lowest sales estimate coming in at $210.50 million and the highest estimate coming in at $222.67 million. Syntel reported sales of $241.26 million during the same quarter last year, which suggests a negative year-over-year growth rate of 9.5%. The company is scheduled to announce its next quarterly earnings report on Thursday, October 19th.
On average, analysts expect that Syntel will report full year sales of $218.24 million for the current fiscal year, with estimates ranging from $884.00 million to $892.18 million. For the next fiscal year, analysts anticipate that the company will report sales of $883.85 million per share, with estimates ranging from $865.00 million to $918.19 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Syntel.
Syntel (NASDAQ:SYNT) last released its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. The business had revenue of $226.81 million for the quarter. Syntel had a negative net margin of 10.11% and a negative return on equity of 110.72%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share.
A number of equities research analysts have recently issued reports on SYNT shares. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 25th. Cantor Fitzgerald restated a “hold” rating and set a $16.00 price target on shares of Syntel in a report on Thursday, July 20th. Needham & Company LLC cut their price target on shares of Syntel from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, April 21st. ValuEngine upgraded shares of Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Finally, Maxim Group restated a “hold” rating on shares of Syntel in a report on Thursday, July 20th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.09.
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Shares of Syntel (NASDAQ SYNT) opened at 18.26 on Friday. Syntel has a 12 month low of $15.82 and a 12 month high of $46.95. The firm’s market cap is $1.53 billion. The company’s 50-day moving average is $17.78 and its 200-day moving average is $18.04.
Syntel announced that its Board of Directors has authorized a share buyback program on Thursday, July 20th that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the information technology services provider to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Syntel by 75.4% in the second quarter. Dimensional Fund Advisors LP now owns 923,431 shares of the information technology services provider’s stock worth $15,661,000 after buying an additional 397,034 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Syntel by 47.2% in the second quarter. Parametric Portfolio Associates LLC now owns 40,495 shares of the information technology services provider’s stock valued at $687,000 after buying an additional 12,992 shares during the last quarter. M&T Bank Corp boosted its position in Syntel by 1.4% in the second quarter. M&T Bank Corp now owns 174,985 shares of the information technology services provider’s stock valued at $2,968,000 after buying an additional 2,425 shares during the last quarter. Vanguard Group Inc. boosted its position in Syntel by 5.0% in the second quarter. Vanguard Group Inc. now owns 2,723,937 shares of the information technology services provider’s stock valued at $46,198,000 after buying an additional 130,471 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Syntel by 4.5% in the second quarter. Northern Trust Corp now owns 454,886 shares of the information technology services provider’s stock valued at $7,715,000 after buying an additional 19,636 shares during the last quarter. Institutional investors and hedge funds own 33.51% 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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