Insider Selling: Syntel Inc. (SYNT) CEO Sells $73,517.50 in Stock
Syntel Inc. (NASDAQ:SYNT) CEO Nitin Rakesh sold 1,750 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the sale, the chief executive officer now owns 49,600 shares of the company’s stock, valued at $2,083,696. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of Syntel Inc. (NASDAQ:SYNT) opened at 42.98 on Wednesday. Syntel Inc. has a 12 month low of $40.68 and a 12 month high of $50.92. The company has a market capitalization of $3.61 billion, a P/E ratio of 13.73 and a beta of 1.07. The company’s 50 day moving average price is $44.78 and its 200 day moving average price is $45.35.
Syntel (NASDAQ:SYNT) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The company earned $246 million during the quarter, compared to the consensus estimate of $249.12 million. Syntel had a return on equity of 22.35% and a net margin of 26.49%. Syntel’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. Analysts expect that Syntel Inc. will post ($0.67) EPS for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 22nd will be given a dividend of $15.00 per share. This is an increase from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend is Tuesday, October 4th.
Several analysts recently issued reports on SYNT shares. Zacks Investment Research upgraded Syntel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Cantor Fitzgerald restated a “hold” rating and issued a $43.00 price target on shares of Syntel in a research note on Wednesday, July 6th. Maxim Group downgraded Syntel from a “buy” rating to a “hold” rating and set a $48.00 price target for the company. in a research note on Friday, July 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “hold” rating and issued a $47.00 price target on shares of Syntel in a research note on Tuesday, July 19th. Finally, Needham & Company LLC restated a “buy” rating and issued 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, six have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $47.83.
Hedge funds have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its stake in shares of Syntel by 9.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 158,887 shares of the company’s stock worth $7,192,000 after buying an additional 14,119 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Syntel by 4.1% in the second quarter. Stifel Financial Corp now owns 23,350 shares of the company’s stock worth $1,057,000 after buying an additional 922 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Syntel by 327.7% in the second quarter. American Century Companies Inc. now owns 46,217 shares of the company’s stock worth $2,092,000 after buying an additional 35,410 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Syntel by 20.2% in the second quarter. Legal & General Group Plc now owns 8,321 shares of the company’s stock worth $371,000 after buying an additional 1,400 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in shares of Syntel during the second quarter worth approximately $3,385,000. 34.06% of the stock is owned by institutional investors.
Syntel Company Profile
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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