Zacks Investment Research Downgrades Sify Technologies (NASDAQ:SIFY) to Sell

Sify Technologies (NASDAQ:SIFY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “SIFY TECH LTD a leader in consumer Internet and Enterprise Services in India with global delivery capabilities, today announced that it has integrated its Portal, i-Way cyber cafe chain and Sify Broadband to Home services into one single business unit. Sify is among the largest Internet, network and e-Commerce services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common Internet backbone infrastructure. This Internet backbone reaches two hundred twenty one cities and towns in India. A significant part of the company’s revenue is derived from Corporate Services, which include corporate connectivity, network and communications solutions, security, network management services, enterprise applications and hosting. A host of blue chip customers use Sify’s corporate service offerings. Consumer services include broadband home access, dial up connectivity and the iWay cyber cafe chain across one hundred cities and towns. “

Separately, ValuEngine raised shares of Sify Technologies from a “sell” rating to a “hold” rating in a report on Sunday, October 27th.

SIFY traded up $0.01 during midday trading on Wednesday, hitting $1.35. 720 shares of the company traded hands, compared to its average volume of 25,634. The company’s 50-day moving average is $1.33 and its 200 day moving average is $1.35. The company has a quick ratio of 0.97, a current ratio of 1.05 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $52.40 million, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.94 and a beta of 1.10. Sify Technologies has a 52 week low of $1.20 and a 52 week high of $1.70.

Several institutional investors and hedge funds have recently modified their holdings of the stock. River & Mercantile Asset Management LLP increased its position in shares of Sify Technologies by 24.1% during the 2nd quarter. River & Mercantile Asset Management LLP now owns 142,323 shares of the technology company’s stock valued at $194,000 after purchasing an additional 27,623 shares during the last quarter. Mondrian Investment Partners LTD purchased a new position in shares of Sify Technologies in the third quarter worth approximately $50,000. Finally, Citadel Advisors LLC boosted its holdings in shares of Sify Technologies by 105.7% in the second quarter. Citadel Advisors LLC now owns 25,740 shares of the technology company’s stock worth $36,000 after buying an additional 13,226 shares during the last quarter. 4.02% of the stock is owned by institutional investors.

About Sify Technologies

Sify Technologies Ltd. engages in the provision of integrated Internet, network, and electronic commerce services in India. It operates through the following segments: Telecom-centric Services, and Data Center-centric Information Technology Services. The Telecom-centric Services segment includes domestic data, international data wholesale voice, and network managed services.

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