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

Syntel (NASDAQ:SYNT) was downgraded by analysts at Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a research report issued on Friday, December 29th, MarketBeat Ratings reports. They presently have a $21.00 price target on the information technology services provider’s stock, down from their previous price target of $24.16. Wells Fargo & Co’s target price would indicate a potential downside of 10.64% from the company’s current price.

SYNT has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Syntel from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Robert W. Baird restated a “hold” rating and issued a $24.00 price target on shares of Syntel in a research report on Thursday, December 21st. ValuEngine upgraded shares of Syntel from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Cowen restated a “hold” rating and issued a $18.00 price target on shares of Syntel in a research report on Thursday, October 12th. Finally, SunTrust Banks restated a “hold” rating and issued a $20.00 price target on shares of Syntel in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $23.31.

Syntel (SYNT) opened at $23.50 on Friday. Syntel has a 12 month low of $15.82 and a 12 month high of $26.33. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of -5.69. The company has a market cap of $1,950.00, a P/E ratio of 11.46, a P/E/G ratio of 1.30 and a beta of 1.11.

Syntel (NASDAQ:SYNT) last posted its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.17. Syntel had a net margin of 18.64% and a negative return on equity of 137.94%. The business had revenue of $231.34 million for the quarter. During the same quarter in the prior year, the business earned $0.63 EPS. Syntel’s revenue was down 4.1% compared to the same quarter last year. research analysts expect that Syntel will post 1.87 EPS for the current fiscal year.

In related news, insider Daniel M. Moore sold 1,080 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $24.19, for a total value of $26,125.20. Following the completion of the transaction, the insider now owns 22,963 shares of the company’s stock, valued at approximately $555,474.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 4,769 shares of company stock valued at $119,266 in the last ninety days. Company insiders own 61.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SYNT. Group One Trading L.P. boosted its stake in Syntel by 52.2% in the 3rd quarter. Group One Trading L.P. now owns 7,287 shares of the information technology services provider’s stock worth $143,000 after purchasing an additional 2,498 shares during the period. UBS Asset Management Americas Inc. acquired a new position in Syntel in the 2nd quarter worth approximately $181,000. Legal & General Group Plc boosted its stake 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 period. PEAK6 Investments L.P. acquired a new position in Syntel in the 3rd quarter worth approximately $223,000. Finally, Voya Investment Management LLC boosted its stake 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 period. 36.61% of the stock is owned by hedge funds and other institutional investors.

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About Syntel

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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