Syntel, Inc. (SYNT) Expected to Post Quarterly Sales of $218.24 Million
Brokerages predict that Syntel, Inc. (NASDAQ:SYNT) will report $218.24 million in sales for the current quarter, according to Zacks. Six analysts have made estimates for Syntel’s earnings, with the highest sales estimate coming in at $222.67 million and the lowest estimate coming in at $210.50 million. Syntel posted sales of $241.26 million during the same quarter last year, which suggests a negative year over year growth rate of 9.5%. The firm is expected to issue its next quarterly earnings report on Thursday, October 19th.
According to Zacks, analysts expect that Syntel will report full year sales of $218.24 million for the current fiscal year, with estimates ranging from $884.00 million to $892.18 million. For the next year, analysts anticipate that the company will report sales of $883.85 million per share, with estimates ranging from $865.00 million to $918.19 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Syntel.
Syntel (NASDAQ:SYNT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. The company had revenue of $226.81 million during the quarter. Syntel had a negative net margin of 10.11% and a negative return on equity of 110.72%. The company’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 earnings per share.
Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded Syntel from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Cowen and Company reissued a “hold” rating and set a $18.00 price target on shares of Syntel in a research report on Tuesday, August 22nd. Maxim Group restated a “hold” rating on shares of Syntel in a report on Thursday, July 20th. Cantor Fitzgerald restated a “hold” rating and set a $16.00 price objective on shares of Syntel in a report on Thursday, July 20th. Finally, ValuEngine upgraded Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Syntel presently has an average rating of “Hold” and a consensus price target of $25.98.
Institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. acquired a new stake in shares of Syntel during the second quarter worth about $181,000. Legal & General Group Plc boosted 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 during the period. Eqis Capital Management Inc. boosted its stake 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 worth $206,000 after buying an additional 570 shares during the period. HPM Partners LLC purchased a new stake in Syntel during the first quarter worth about $219,000. Finally, Voya Investment Management LLC boosted 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 during the period. 34.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of Syntel (NASDAQ:SYNT) opened at 18.36 on Wednesday. Syntel has a 12-month low of $15.82 and a 12-month high of $46.95. The stock’s market capitalization is $1.54 billion. The company has a 50-day moving average of $18.19 and a 200 day moving average of $17.84.
Syntel declared that its board has authorized a share buyback program on Thursday, July 20th that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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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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