Sykes Enterprises (NASDAQ:SYKE) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Sykes Enterprises (NASDAQ:SYKE) from a hold rating to a buy rating in a report issued on Saturday morning, Zacks.com reports. They currently have $33.00 price target on the information technology services provider’s stock.

According to Zacks, “Sykes Enterprises, Incorporated is a global business process outsourcing (BPO) leader in providing comprehensive inbound customer engagement services to Global 2000 companies, primarily in the communications, financial services, healthcare, technology, transportation and retail industries. SYKES’ differentiated end-to-end service platform effectively engages consumers at every touch point in their customer lifecycle, starting from digital marketing and acquisition to customer support, technical support, up-sell/cross-sell and retention. SYKES provides its services through multiple communication channels encompassing phone, e-mail, web, chat, social media and digital self-service. Utilizing its integrated onshore/offshore and virtual at-home agent delivery models, SYKES serves its clients through two geographic operating segments: the Americas (United States, Canada, Latin America, India and the Asia Pacific region) and EMEA (Europe, Middle East and Africa). “

SYKE has been the subject of a number of other reports. Sidoti cut their target price on Sykes Enterprises from $39.00 to $36.00 and set a buy rating for the company in a research note on Wednesday, July 31st. TheStreet upgraded Sykes Enterprises from a c+ rating to a b- rating in a research note on Wednesday, July 24th. BidaskClub lowered Sykes Enterprises from a buy rating to a hold rating in a research note on Friday. Finally, ValuEngine upgraded Sykes Enterprises from a sell rating to a hold rating in a research note on Wednesday, August 21st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $33.33.

Shares of SYKE stock opened at $29.50 on Friday. Sykes Enterprises has a 12 month low of $22.67 and a 12 month high of $31.76. The firm has a market cap of $1.21 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 1.39 and a beta of 0.83. The stock has a 50 day moving average of $29.99 and a 200-day moving average of $28.01. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.32.

Sykes Enterprises (NASDAQ:SYKE) last issued its quarterly earnings results on Tuesday, July 30th. The information technology services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.11. Sykes Enterprises had a return on equity of 10.36% and a net margin of 3.35%. The company had revenue of $389.00 million during the quarter, compared to analyst estimates of $395.88 million. During the same period in the previous year, the company earned $0.42 earnings per share. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts predict that Sykes Enterprises will post 2.1 EPS for the current fiscal year.

In related news, insider David Pearson sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $29.05, for a total value of $145,250.00. Following the completion of the transaction, the insider now directly owns 57,457 shares in the company, valued at $1,669,125.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC acquired a new position in shares of Sykes Enterprises in the second quarter valued at $203,000. DekaBank Deutsche Girozentrale acquired a new position in Sykes Enterprises during the first quarter worth $264,000. First Hawaiian Bank acquired a new position in Sykes Enterprises during the third quarter worth $279,000. Macquarie Group Ltd. acquired a new position in Sykes Enterprises during the second quarter worth $277,000. Finally, Pacer Advisors Inc. acquired a new position in Sykes Enterprises during the second quarter worth $310,000. Institutional investors and hedge funds own 89.88% of the company’s stock.

Sykes Enterprises Company Profile

Sykes Enterprises, Incorporated, together with its subsidiaries, provides multichannel demand generation and global customer engagement services. Its customer care services include handling billing inquiries and claims, activating customer accounts, resolving complaints, cross-selling/up-selling, and prequalifying and warranty management, as well as providing health information and dispatching roadside assistance.

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