Bridge City Capital LLC raised its stake in Syntel, Inc. (NASDAQ:SYNT) by 8.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 113,512 shares of the information technology services provider’s stock after purchasing an additional 9,073 shares during the quarter. Syntel accounts for 1.7% of Bridge City Capital LLC’s investment portfolio, making the stock its 12th biggest holding. Bridge City Capital LLC owned about 0.14% of Syntel worth $2,231,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. UBS Asset Management Americas Inc. purchased a new position in shares of Syntel in the 2nd quarter valued at approximately $181,000. Legal & General Group Plc grew its stake in shares of 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 valued at $202,000 after purchasing an additional 881 shares during the last quarter. Eqis Capital Management Inc. grew its stake in shares of 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 valued at $217,000 after purchasing an additional 515 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of 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 valued at $272,000 after purchasing an additional 2,054 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Syntel in the 2nd quarter valued at approximately $309,000. Institutional investors own 34.80% of the company’s stock.
Several research analysts have weighed in on the company. William Blair upgraded Syntel from an “underperform” rating to an “outperform” rating in a research note on Tuesday, October 17th. Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Tuesday, July 25th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $20.00 target price on shares of Syntel in a research note on Tuesday, October 17th. Maxim Group reiterated a “hold” rating on shares of Syntel in a research note on Thursday, July 20th. Finally, Loop Capital reiterated a “buy” rating and issued a $28.00 target price on shares of Syntel in a research note on Wednesday, October 18th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Syntel has an average rating of “Hold” and a consensus target price of $23.10.
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Syntel (NASDAQ:SYNT) last issued its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.17. Syntel had a negative return on equity of 137.94% and a net margin of 18.64%. The business had revenue of $231.34 million during the quarter. During the same period last year, the company earned $0.63 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year.
Syntel declared that its Board of Directors has initiated a share repurchase program on Thursday, July 20th that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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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