Syntel, Inc. (SYNT) Posts Earnings Results, Beats Expectations By $0.16 EPS
Syntel, Inc. (NASDAQ:SYNT) released its quarterly earnings data on Tuesday. The information technology services provider reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.16, MarketWatch Earnings reports. The firm had revenue of $231.30 million during the quarter, compared to the consensus estimate of $217.37 million. During the same quarter in the prior year, the company earned $0.63 EPS. Syntel’s quarterly revenue was down 4.1% on a year-over-year basis. Syntel updated its FY17 guidance to $1.81-1.88 EPS.
Shares of Syntel (NASDAQ:SYNT) traded up 21.2277% during trading on Tuesday, reaching $23.1545. 2,049,278 shares of the company were exchanged. The stock’s 50-day moving average is $18.88 and its 200-day moving average is $17.92. The firm’s market cap is $1.94 billion. Syntel has a 52-week low of $15.82 and a 52-week high of $26.82.
Syntel declared that its Board of Directors has authorized a share buyback program on Thursday, July 20th that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of analysts recently commented on the stock. SunTrust Banks, Inc. restated a “hold” rating and issued a $20.00 price objective on shares of Syntel in a research report on Tuesday. Maxim Group restated a “hold” rating on shares of Syntel in a research report on Thursday, July 20th. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, July 25th. Cantor Fitzgerald restated a “hold” rating and issued a $16.00 price objective on shares of Syntel in a research report on Thursday, July 20th. Finally, Cowen and Company restated a “hold” rating and issued a $18.00 price objective on shares of Syntel in a research report on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Syntel currently has a consensus rating of “Hold” and a consensus target price of $21.10.
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Institutional investors and hedge funds have recently bought and sold shares of the business. Swiss National Bank increased its stake in Syntel by 5.5% in the first quarter. Swiss National Bank now owns 55,300 shares of the information technology services provider’s stock valued at $931,000 after purchasing an additional 2,900 shares in the last quarter. AXA bought a new stake in Syntel in the second quarter valued at $1,046,000. Freestone Capital Holdings LLC increased its stake in Syntel by 6.7% in the second quarter. Freestone Capital Holdings LLC now owns 735,111 shares of the information technology services provider’s stock valued at $12,467,000 after purchasing an additional 46,174 shares in the last quarter. Prudential Financial Inc. bought a new stake in Syntel in the second quarter valued at $1,082,000. Finally, SG Americas Securities LLC bought a new stake in Syntel in the first quarter valued at $700,000. 34.70% of the stock is owned by hedge funds and other institutional investors.
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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