Syntel Inc. (SYNT) PT Lowered to $28.00 at Maxim Group
Syntel Inc. (NASDAQ:SYNT) had its price target lowered by Maxim Group from $45.00 to $28.00 in a research report sent to investors on Tuesday morning. The firm currently has a hold rating on the stock.
A number of other equities research analysts also recently weighed in on the company. Barrington Research downgraded Syntel from an outperform rating to a market perform rating in a research note on Thursday, September 22nd. William Blair downgraded Syntel from a market perform rating to an underperform rating in a research note on Thursday, September 15th. Cantor Fitzgerald set a $43.00 price target on Syntel and gave the stock a hold rating in a research note on Tuesday, September 13th. Robert W. Baird raised their price target on Syntel from $46.00 to $52.00 and gave the stock a neutral rating in a research note on Tuesday, September 13th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $48.00 price target on shares of Syntel in a research note on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and an average price target of $45.00.
Syntel (NASDAQ:SYNT) opened at 26.50 on Tuesday. The stock has a market capitalization of $2.23 billion, a PE ratio of 8.47 and a beta of 1.12. The stock’s 50 day moving average price is $41.68 and its 200 day moving average price is $44.57. Syntel has a 1-year low of $25.15 and a 1-year high of $50.92.
Syntel (NASDAQ:SYNT) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The company earned $246 million during the quarter, compared to the consensus estimate of $249.12 million. During the same period last year, the business earned $0.72 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts forecast that Syntel will post ($0.67) earnings per share for the current year.
The firm also recently declared a special dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd were given a $15.00 dividend. This is an increase from Syntel’s previous special dividend of $2.25. The ex-dividend date was Tuesday, October 4th.
In other Syntel news, VP Avinash Salelkar sold 943 shares of Syntel stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $45.79, for a total value of $43,179.97. Following the transaction, the vice president now directly owns 15,021 shares of the company’s stock, valued at approximately $687,811.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Nitin Rakesh sold 1,750 shares of Syntel stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the transaction, the chief executive officer now directly owns 49,600 shares in the company, valued at $2,083,696. The disclosure for this sale can be found here. 61.80% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Syntel by 24.1% in the first quarter. Renaissance Technologies LLC now owns 787,190 shares of the company’s stock valued at $39,304,000 after buying an additional 153,100 shares in the last quarter. Invictus RG acquired a new position in shares of Syntel during the first quarter valued at approximately $142,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Syntel by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 766,093 shares of the company’s stock valued at $38,251,000 after buying an additional 11,038 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Syntel by 13.5% in the first quarter. JPMorgan Chase & Co. now owns 18,423 shares of the company’s stock valued at $920,000 after buying an additional 2,198 shares in the last quarter. Finally, BlackRock Group LTD increased its position in shares of Syntel by 19.4% in the first quarter. BlackRock Group LTD now owns 26,244 shares of the company’s stock valued at $1,310,000 after buying an additional 4,256 shares in the last quarter. 34.06% of the stock is currently 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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