Syntel, Inc. (SYNT) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS
Syntel, Inc. (NASDAQ:SYNT) announced its quarterly earnings data on Tuesday. The information technology services provider reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.17, MarketWatch Earnings reports. The business had revenue of $231.34 million for the quarter, compared to analyst estimates of $218.19 million. Syntel had a net margin of 18.64% and a negative return on equity of 119.25%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 EPS. Syntel updated its FY17 guidance to $1.81-1.88 EPS.
Syntel (NASDAQ SYNT) traded up 0.51% during mid-day trading on Thursday, reaching $23.79. 775,746 shares of the company were exchanged. The company’s market cap is $1.99 billion. Syntel has a 12 month low of $15.82 and a 12 month high of $25.80. The stock’s 50-day moving average is $19.21 and its 200-day moving average is $18.03.
Several institutional investors have recently made changes to their positions in SYNT. UBS Asset Management Americas Inc. acquired a new stake in Syntel in the 2nd quarter worth approximately $181,000. Legal & General Group Plc lifted its holdings in Syntel by 8.0% in the 2nd quarter. Legal & General Group Plc now owns 11,916 shares of the information technology services provider’s stock worth $202,000 after purchasing an additional 881 shares during the last quarter. Eqis Capital Management Inc. lifted its holdings in Syntel by 4.2% in the 2nd quarter. Eqis Capital Management Inc. now owns 12,774 shares of the information technology services provider’s stock worth $217,000 after purchasing an additional 515 shares during the last quarter. Voya Investment Management LLC lifted its holdings in Syntel by 14.7% in the 2nd quarter. Voya Investment Management LLC now owns 16,026 shares of the information technology services provider’s stock worth $272,000 after purchasing an additional 2,054 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Syntel in the 2nd quarter worth approximately $309,000. Institutional investors and hedge funds own 34.70% of the company’s stock.
Syntel announced that its board has initiated a share buyback program on Thursday, July 20th that allows the company to buyback $60.00 million in shares. This buyback authorization allows the information technology services provider to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Several research analysts have recently weighed in on SYNT shares. Zacks Investment Research lowered shares of Syntel from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Cowen and Company reiterated a “hold” rating and set a $18.00 price objective on shares of Syntel in a report on Tuesday, August 22nd. ValuEngine upgraded shares of Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Robert W. Baird reiterated a “hold” rating and set a $20.00 price objective on shares of Syntel in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Syntel presently has an average rating of “Hold” and an average price target of $22.10.
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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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