Syntel Inc. (SYNT) Cut to “Underperform” at William Blair
Several other brokerages also recently weighed in on SYNT. Maxim Group downgraded shares of Syntel from a buy rating to a hold rating and set a $48.00 target price for the company. in a research note on Friday, July 15th. They noted that the move was a valuation call. Cantor Fitzgerald set a $43.00 target price on shares of Syntel and gave the company a hold rating in a research note on Wednesday, September 7th. JPMorgan Chase & Co. restated a hold rating and issued a $47.00 target price on shares of Syntel in a research note on Tuesday, July 19th. Zacks Investment Research upgraded shares of Syntel from a sell rating to a hold rating in a research note on Tuesday, June 28th. Finally, Needham & Company LLC restated a buy rating and issued a $48.00 target price on shares of Syntel in a research note on Monday, September 12th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $47.83.
Shares of Syntel (NASDAQ:SYNT) opened at 42.48 on Thursday. Syntel has a 1-year low of $40.68 and a 1-year high of $50.92. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 13.57 and a beta of 1.07. The stock has a 50 day moving average price of $44.86 and a 200 day moving average price of $45.38.
Syntel (NASDAQ:SYNT) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07. The company had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. Syntel had a net margin of 26.49% and a return on equity of 22.35%. Syntel’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.72 earnings per share. Equities research analysts anticipate that Syntel will post $0.98 EPS for the current year.
The company also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd will be issued a $15.00 dividend. This is a boost from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend is Tuesday, October 4th.
In other Syntel news, VP Sanjay Garg sold 1,375 shares of Syntel stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $57,763.75. Following the completion of the transaction, the vice president now owns 2,750 shares of the company’s stock, valued at $115,527.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Avinash Salelkar sold 943 shares of Syntel stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $45.79, for a total transaction of $43,179.97. Following the completion of the transaction, the vice president now directly owns 15,021 shares of the company’s stock, valued at approximately $687,811.59. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYNT. C M Bidwell & Associates Ltd. purchased a new position in Syntel during the first quarter worth $100,000. Invictus RG bought a new stake in Syntel during the first quarter worth approximately $142,000. Pacer Advisors Inc. bought a new stake in Syntel during the second quarter worth approximately $135,000. Cypress Wealth Advisors LLC bought a new stake in Syntel during the first quarter worth approximately $209,000. Finally, Acadian Asset Management LLC bought a new stake in Syntel during the second quarter worth approximately $232,000. 34.10% of the stock is owned by institutional investors.
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology and knowledge process outsourcing services. The Company operates through five segments: Banking and Financial Services, which serves financial institutions around the world; Healthcare and Life Sciences, which serve various companies, including healthcare payers, providers, and pharmaceutical and medical device providers; Insurance, which serve the needs of property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers; Manufacturing, which provides business consulting and technology services for industrial and automotive clients, and Retail, Logistics and Telecom, which serves a range of retailers and distributors, logistics clients and clients in the telecom industry.
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