Syntel, Inc. (SYNT) Sees Large Volume Increase Following Earnings Beat

Syntel, Inc. (NASDAQ:SYNT) shares saw unusually-strong trading volume on Thursday following a better than expected earnings announcement. Approximately 2,504,929 shares traded hands during trading, an increase of 490% from the previous session’s volume of 424,795 shares.The stock last traded at $18.59 and had previously closed at $16.86.

The information technology services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. The firm had revenue of $226.81 million for the quarter. Syntel had a negative net margin of 10.11% and a negative return on equity of 110.72%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS.

Syntel announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 20th that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

A number of equities research analysts have recently weighed in on SYNT shares. Cantor Fitzgerald reaffirmed a “hold” rating and set a $16.00 target price on shares of Syntel in a research note on Thursday, July 20th. ValuEngine lowered shares of Syntel from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company reissued a “market perform” rating and set a $18.00 price objective (down previously from $20.00) on shares of Syntel in a research note on Sunday, April 23rd. BidaskClub raised shares of Syntel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 28th. Finally, Needham & Company LLC dropped their price objective on shares of Syntel from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Syntel presently has an average rating of “Hold” and a consensus target price of $26.09.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Syntel during the fourth quarter valued at about $11,015,000. Sather Financial Group Inc purchased a new position in shares of Syntel during the second quarter valued at about $8,400,000. IPG Investment Advisors LLC increased its position in shares of Syntel by 393.7% in the first quarter. IPG Investment Advisors LLC now owns 527,465 shares of the information technology services provider’s stock valued at $8,877,000 after buying an additional 420,625 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Syntel by 75.4% in the second quarter. Dimensional Fund Advisors LP now owns 923,431 shares of the information technology services provider’s stock valued at $15,661,000 after buying an additional 397,034 shares in the last quarter. Finally, Sprott Inc. purchased a new position in shares of Syntel during the first quarter valued at about $5,386,000. Hedge funds and other institutional investors own 32.85% of the company’s stock.

The stock’s market cap is $1.55 billion. The stock has a 50-day moving average of $17.89 and a 200 day moving average of $17.95.

TRADEMARK VIOLATION WARNING: This news story was originally posted by BBNS and is owned by of BBNS. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international trademark and copyright law. The legal version of this news story can be accessed at https://baseballnewssource.com/markets/syntel-inc-synt-sees-unusually-high-trading-volume-following-better-than-expected-earnings-updated-updated-updated/1251193.html.

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.

Receive News & Ratings for Syntel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel Inc. and related companies with our FREE daily email newsletter.

 


Latest News

Los Angeles Dodgers Move 50 Games Over .500
Los Angeles Dodgers Move 50 Games Over .500
Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Bryce Harper Latest Star to Suffer Injury
Bryce Harper Latest Star to Suffer Injury
Chicago Cubs Must Survive Without Willson Contreras
Chicago Cubs Must Survive Without Willson Contreras
Cleveland Indians Acquire Jay Bruce From New York Mets
Cleveland Indians Acquire Jay Bruce From New York Mets
Injury to CC Sabathia Adds to Yankees’ Concerns
Injury to CC Sabathia Adds to Yankees’ Concerns


Leave a Reply

 
© 2006-2017 BBNS.