California Public Employees Retirement System reduced its stake in shares of Syntel, Inc. (NASDAQ:SYNT) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,100 shares of the information technology services provider’s stock after selling 5,700 shares during the period. California Public Employees Retirement System’s holdings in Syntel were worth $1,096,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Syntel by 8.8% in the fourth quarter. State Street Corp now owns 599,404 shares of the information technology services provider’s stock valued at $11,864,000 after buying an additional 48,343 shares in the last quarter. RK Asset Management LLC raised its position in Syntel by 3.7% in the first quarter. RK Asset Management LLC now owns 235,868 shares of the information technology services provider’s stock worth $3,970,000 after buying an additional 8,438 shares in the last quarter. IPG Investment Advisors LLC raised its position in Syntel by 393.7% in the first quarter. IPG Investment Advisors LLC now owns 527,465 shares of the information technology services provider’s stock worth $8,877,000 after buying an additional 420,625 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Syntel during the first quarter worth approximately $373,000. Finally, M&T Bank Corp raised its position in Syntel by 197.2% in the first quarter. M&T Bank Corp now owns 172,560 shares of the information technology services provider’s stock worth $2,904,000 after buying an additional 114,500 shares in the last quarter. 33.51% of the stock is currently owned by institutional investors and hedge funds.

Syntel, Inc. (NASDAQ SYNT) remained flat at $18.20 during midday trading on Friday. The company’s stock had a trading volume of 25,276 shares. The company has a 50 day moving average of $17.73 and a 200-day moving average of $18.06. Syntel, Inc. has a 52-week low of $15.82 and a 52-week high of $46.95. The stock’s market cap is $1.52 billion.

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

Syntel announced that its board has authorized a stock buyback plan on Thursday, July 20th that permits the company to buyback $60.00 million in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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A number of research firms have 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. Maxim Group reissued a “hold” rating on shares of Syntel in a research note on Thursday, July 20th. ValuEngine raised Syntel from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Needham & Company LLC reduced their price objective on Syntel from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Finally, BidaskClub raised Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $26.09.

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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Institutional Ownership by Quarter for Syntel (NASDAQ:SYNT)

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