Syntel, Inc. (SYNT) Announces Earnings Results
Syntel, Inc. (NASDAQ:SYNT) released its quarterly earnings results on Tuesday. The information technology services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.09, Morningstar.com reports. The business had revenue of $231.30 million during 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 4.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.63 EPS. Syntel updated its FY17 guidance to $1.81-1.88 EPS.
Syntel (NASDAQ SYNT) opened at 24.30 on Wednesday. The stock has a 50 day moving average price of $18.88 and a 200 day moving average price of $17.92. The company’s market cap is $2.03 billion. Syntel has a 12 month low of $15.82 and a 12 month high of $26.82.
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Syntel declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 20th that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the information technology services provider to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
A number of research firms have commented on SYNT. Loop Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of Syntel in a research report on Wednesday. They noted that the move was a valuation call. Cowen and Company reaffirmed a “hold” rating and set a $18.00 price target on shares of Syntel in a research report on Thursday, October 12th. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $20.00 price target on shares of Syntel in a research report on Tuesday. Zacks Investment Research raised Syntel from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Friday, August 18th. Finally, William Blair raised Syntel from an “underperform” rating to a “market perform” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Syntel presently has an average rating of “Hold” and an average price target of $21.23.
Institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. bought a new position in Syntel in the second quarter worth approximately $181,000. Legal & General Group Plc raised its stake in Syntel by 8.0% in the second quarter. Legal & General Group Plc now owns 11,916 shares of the information technology services provider’s stock worth $202,000 after buying an additional 881 shares in the last quarter. Eqis Capital Management Inc. raised its stake in Syntel by 4.2% in the second quarter. Eqis Capital Management Inc. now owns 12,774 shares of the information technology services provider’s stock worth $217,000 after buying an additional 515 shares in the last quarter. Voya Investment Management LLC raised its stake in Syntel by 14.7% in the second quarter. Voya Investment Management LLC now owns 16,026 shares of the information technology services provider’s stock worth $272,000 after buying an additional 2,054 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in Syntel in the second quarter worth approximately $309,000. 34.70% of the stock is owned by hedge funds and other institutional investors.
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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