Stoneridge Investment Partners LLC reduced its stake in Syntel, Inc. (NASDAQ:SYNT) by 33.3% during the second quarter, Holdings Channel reports. The firm owned 50,704 shares of the information technology services provider’s stock after selling 25,312 shares during the period. Stoneridge Investment Partners LLC’s holdings in Syntel were worth $860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. ARGA Investment Management LP bought a new position in Syntel during the first quarter valued at approximately $4,216,000. Swiss National Bank increased its position 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 buying an additional 2,900 shares during the period. Pekin Singer Strauss Asset Management IL increased its position in Syntel by 7.7% in the first quarter. Pekin Singer Strauss Asset Management IL now owns 644,999 shares of the information technology services provider’s stock valued at $10,855,000 after buying an additional 45,920 shares during the period. HPM Partners LLC bought a new position in Syntel during the first quarter valued at approximately $219,000. Finally, Eqis Capital Management Inc. increased its position in Syntel by 4.9% in the first quarter. Eqis Capital Management Inc. now owns 12,259 shares of the information technology services provider’s stock valued at $206,000 after buying an additional 570 shares during the period. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Syntel, Inc. (NASDAQ:SYNT) opened at 18.20 on Friday. The stock’s market cap is $1.52 billion. The company’s 50 day moving average price is $17.73 and its 200 day moving average price is $18.06. Syntel, Inc. has a 52-week low of $15.82 and a 52-week high of $46.95.

Syntel (NASDAQ:SYNT) last issued its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.04. The business had revenue of $226.81 million during the quarter. Syntel had a negative return on equity of 110.72% and a negative net margin of 10.11%. The business’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. On average, analysts anticipate that Syntel, Inc. will post $1.72 earnings per share for the current year.

Syntel declared that its board has authorized a share repurchase program on Thursday, July 20th that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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Several research firms have recently commented on SYNT. Zacks Investment Research raised Syntel from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Tuesday, July 25th. ValuEngine downgraded Syntel from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company reaffirmed a “market perform” rating and issued a $18.00 price objective (down previously from $20.00) on shares of Syntel in a research note on Sunday, April 23rd. BidaskClub raised Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Syntel in a research note on Thursday, July 20th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $26.09.

About Syntel

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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Institutional Ownership by Quarter for Syntel (NASDAQ:SYNT)

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