Stock Buyback Plan Initiated by Syntel (NASDAQ:SYNT) Board of Directors
Syntel (NASDAQ:SYNT) announced that its board has authorized a share buyback plan, which allows the company to buyback $60.00 million in shares on Thursday, July 20th, EventVestor reports. This buyback authorization allows the information technology services provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Shares of Syntel (NASDAQ SYNT) opened at 19.40 on Monday. The firm’s market capitalization is $1.62 billion. The stock has a 50 day moving average price of $16.70 and a 200 day moving average price of $18.20. Syntel has a 1-year low of $15.82 and a 1-year high of $46.95.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.04. The company had revenue of $226.81 million during the quarter. Syntel had a negative net margin of 10.11% and a negative return on equity of 97.99%. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the company posted $0.70 earnings per share. Equities research analysts anticipate that Syntel will post $1.72 earnings per share for the current fiscal year.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Syntel from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Maxim Group reaffirmed a “hold” rating on shares of Syntel in a report on Thursday. ValuEngine raised Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Needham & Company LLC dropped their price target on Syntel from $23.00 to $21.00 and set a “buy” rating for the company in a report on Friday, April 21st. Finally, BidaskClub raised Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $26.31.
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In related news, insider Anil Jain acquired 3,775 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was acquired at an average cost of $17.30 per share, for a total transaction of $65,307.50. Following the completion of the acquisition, the insider now directly owns 21,715 shares of the company’s stock, valued at approximately $375,669.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Prashant Ranade acquired 5,867 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The stock was bought at an average price of $17.19 per share, with a total value of $100,853.73. Following the completion of the acquisition, the chairman now directly owns 277,967 shares of the company’s stock, valued at $4,778,252.73. The disclosure for this purchase can be found here. Insiders have bought 19,377 shares of company stock valued at $334,732 over the last quarter. Company insiders own 61.10% 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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