Syntel (SYNT) Downgraded by Wells Fargo & Co to Underperform

Syntel (NASDAQ:SYNT) was downgraded by Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a note issued to investors on Wednesday, The Fly reports.

A number of other research analysts have also issued reports on the company. Wellington Shields lowered Syntel from a “gradually accumulate” rating to a “hold” rating in a research report on Wednesday, June 6th. BidaskClub upgraded Syntel from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 25th. TheStreet upgraded Syntel from a “c+” rating to a “b-” rating in a research report on Wednesday, May 23rd. Barrington Research reiterated a “hold” rating on shares of Syntel in a research report on Thursday, May 24th. Finally, Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Syntel has an average rating of “Hold” and a consensus target price of $24.75.

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Shares of Syntel traded up $0.67, reaching $34.07, during midday trading on Wednesday, Marketbeat reports. 418,641 shares of the company’s stock traded hands, compared to its average volume of 464,447. Syntel has a 1 year low of $15.88 and a 1 year high of $34.19. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.76. The company has a debt-to-equity ratio of 7.25, a current ratio of 1.83 and a quick ratio of 1.83.

Syntel (NASDAQ:SYNT) last announced its earnings results on Thursday, April 19th. The information technology services provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Syntel had a negative return on equity of 504.52% and a net margin of 18.40%. The firm had revenue of $245.35 million for the quarter. During the same quarter last year, the business earned $0.46 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. sell-side analysts expect that Syntel will post 1.93 earnings per share for the current year.

In related news, SVP Murlidhar Reddy sold 2,000 shares of the stock in a transaction on Friday, June 8th. The stock was sold at an average price of $32.85, for a total value of $65,700.00. Following the completion of the transaction, the senior vice president now directly owns 36,889 shares of the company’s stock, valued at approximately $1,211,803.65. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 6,077 shares of company stock valued at $200,710. 58.10% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of SYNT. Schroder Investment Management Group raised its stake in Syntel by 388.4% in the 1st quarter. Schroder Investment Management Group now owns 1,066,785 shares of the information technology services provider’s stock valued at $27,235,000 after purchasing an additional 848,366 shares during the last quarter. ARGA Investment Management LP raised its stake in Syntel by 123.0% in the 4th quarter. ARGA Investment Management LP now owns 564,475 shares of the information technology services provider’s stock valued at $12,977,000 after purchasing an additional 311,375 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new position in Syntel in the 4th quarter valued at $6,825,000. Pier Capital LLC acquired a new stake in shares of Syntel in the 4th quarter worth $5,262,000. Finally, Phocas Financial Corp. acquired a new stake in shares of Syntel in the 4th quarter worth $5,208,000. 40.01% of the stock is owned by hedge funds and other institutional investors.

About Syntel

Syntel, Inc provides digital transformation, information technology (IT), and knowledge process outsourcing (KPO) services worldwide. The company operates through Banking and Financial Services; Healthcare and Life Sciences; Insurance; Manufacturing; and Retail, Logistics, and Telecom segments. It provides end-to-end, integrated application, and infrastructure management services; develops software applications; and offers legacy modernization services, such as software analysis, language conversion, reverse engineering, database migration, code optimization, cloud onboarding and migration, ecosystem migration, testing, and management.

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