Syntel, Inc. (SYNT) Stake Raised by Freestone Capital Holdings LLC

Freestone Capital Holdings LLC grew its position in shares of Syntel, Inc. (NASDAQ:SYNT) by 6.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 735,111 shares of the information technology services provider’s stock after buying an additional 46,174 shares during the quarter. Freestone Capital Holdings LLC owned 0.88% of Syntel worth $12,467,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Hikari Power Ltd grew its holdings in shares of Syntel by 58.7% during the second quarter. Hikari Power Ltd now owns 31,270 shares of the information technology services provider’s stock valued at $530,000 after buying an additional 11,570 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Syntel during the second quarter valued at approximately $1,082,000. Bridge City Capital LLC purchased a new stake in shares of Syntel during the second quarter valued at approximately $1,771,000. Virginia Retirement Systems ET AL grew its holdings in shares of Syntel by 15.3% during the second quarter. Virginia Retirement Systems ET AL now owns 53,500 shares of the information technology services provider’s stock valued at $907,000 after buying an additional 7,100 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Syntel by 8.0% during the second quarter. Legal & General Group Plc now owns 11,916 shares of the information technology services provider’s stock valued at $202,000 after buying an additional 881 shares during the last quarter. Hedge funds and other institutional investors own 34.71% of the company’s stock.

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A number of research firms have recently commented on SYNT. Maxim Group reiterated a “hold” rating on shares of Syntel in a report on Thursday, July 20th. Zacks Investment Research upgraded shares of Syntel from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 25th. Cantor Fitzgerald reiterated a “hold” rating and set a $16.00 price target on shares of Syntel in a report on Thursday, July 20th. Cowen and Company reiterated a “hold” rating and set a $18.00 price target on shares of Syntel in a report on Tuesday, August 22nd. Finally, BidaskClub upgraded shares of Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $25.98.

Shares of Syntel, Inc. (NASDAQ SYNT) traded up 0.78% during midday trading on Wednesday, reaching $18.15. 45,435 shares of the company traded hands. The company’s market capitalization is $1.52 billion. Syntel, Inc. has a 1-year low of $15.82 and a 1-year high of $46.60. The company has a 50 day moving average price of $18.53 and a 200 day moving average price of $17.62.

Syntel (NASDAQ:SYNT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. The company had revenue of $226.81 million for the quarter. Syntel had a negative net margin of 10.11% and a negative return on equity of 110.72%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. On average, analysts expect that Syntel, Inc. will post $1.72 earnings per share for the current year.

Syntel announced that its board has authorized a stock repurchase program on Thursday, July 20th that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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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Institutional Ownership by Quarter for Syntel (NASDAQ:SYNT)

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