Insider Selling: Syntel Inc. (SYNT) CEO Sells $73,517.50 in Stock
Syntel Inc. (NASDAQ:SYNT) CEO Nitin Rakesh sold 1,750 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the sale, the chief executive officer now directly owns 49,600 shares of the company’s stock, valued at $2,083,696. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Syntel Inc. (NASDAQ:SYNT) opened at 42.98 on Wednesday. The firm’s 50-day moving average price is $44.78 and its 200 day moving average price is $45.35. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 13.73 and a beta of 1.07. Syntel Inc. has a 1-year low of $40.68 and a 1-year high of $50.92.
Syntel (NASDAQ:SYNT) last posted its earnings results on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 EPS. On average, analysts predict that Syntel Inc. will post ($0.67) EPS for the current year.
The firm also recently announced a special dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 22nd will be issued a dividend of $15.00 per share. The ex-dividend date of this dividend is Tuesday, October 4th. This is a positive change from Syntel’s previous special dividend of $2.25.
Several brokerages recently commented on SYNT. Cantor Fitzgerald set a $43.00 target price on Syntel and gave the stock a “hold” rating in a research report on Wednesday, September 7th. William Blair cut Syntel from a “market perform” rating to an “underperform” rating in a research report on Thursday, September 15th. Zacks Investment Research raised Syntel from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Maxim Group cut Syntel from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research report on Friday, July 15th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a $47.00 target price on shares of Syntel in a research report on Tuesday, July 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $47.83.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its position in Syntel by 9.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 158,887 shares of the company’s stock worth $7,192,000 after buying an additional 14,119 shares during the last quarter. Stifel Financial Corp increased its stake in Syntel by 4.1% in the second quarter. Stifel Financial Corp now owns 23,350 shares of the company’s stock valued at $1,057,000 after buying an additional 922 shares during the period. American Century Companies Inc. increased its stake in Syntel by 327.7% in the second quarter. American Century Companies Inc. now owns 46,217 shares of the company’s stock valued at $2,092,000 after buying an additional 35,410 shares during the period. Legal & General Group Plc increased its stake in Syntel by 20.2% in the second quarter. Legal & General Group Plc now owns 8,321 shares of the company’s stock valued at $371,000 after buying an additional 1,400 shares during the period. Finally, Fiera Capital Corp purchased a new stake in Syntel during the second quarter valued at about $3,385,000. 34.06% of the stock is currently owned by institutional investors and hedge funds.
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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