Insider Selling: Syntel Inc. (SYNT) VP Sells $57,763.75 in Stock
Syntel Inc. (NASDAQ:SYNT) VP Sanjay Garg sold 1,375 shares of Syntel stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $57,763.75. Following the sale, the vice president now directly owns 2,750 shares of the company’s stock, valued at approximately $115,527.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
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 firm has a market cap of $3.61 billion, a PE ratio of 13.73 and a beta of 1.07. The company has a 50-day moving average price of $44.78 and a 200-day moving average price of $45.35.
Syntel (NASDAQ:SYNT) last posted its earnings results on Thursday, July 21st. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. Syntel had a return on equity of 22.35% and a net margin of 26.49%. Syntel’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. On average, equities analysts predict that Syntel Inc. will post ($0.67) earnings per share for the current year.
The company also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd will be issued a dividend of $15.00 per share. This is a positive change from Syntel’s previous special dividend of $2.25. The ex-dividend date is Tuesday, October 4th.
SYNT has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price target on shares of Syntel in a research report on Monday, September 12th. Cantor Fitzgerald set a $43.00 price target on Syntel and gave the stock a “hold” rating in a research report on Thursday, July 21st. Maxim Group lowered their price target on Syntel from $48.00 to $45.00 and set a “hold” rating for the company in a research report on Thursday, July 21st. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $47.00 price target on shares of Syntel in a research report on Tuesday, July 19th. Finally, Zacks Investment Research raised Syntel from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.83.
Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Syntel by 24.1% in the first quarter. Renaissance Technologies LLC now owns 787,190 shares of the company’s stock valued at $39,304,000 after buying an additional 153,100 shares during the last quarter. Invictus RG purchased a new position in shares of Syntel during the first quarter valued at about $142,000. BlackRock Institutional Trust Company N.A. raised its position in shares of Syntel by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 766,093 shares of the company’s stock valued at $38,251,000 after buying an additional 11,038 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Syntel by 13.5% in the first quarter. JPMorgan Chase & Co. now owns 18,423 shares of the company’s stock valued at $920,000 after buying an additional 2,198 shares during the last quarter. Finally, BlackRock Group LTD raised its position in shares of Syntel by 19.4% in the first quarter. BlackRock Group LTD now owns 26,244 shares of the company’s stock valued at $1,310,000 after buying an additional 4,256 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors.
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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