Syntel, Inc. (SYNT) Position Decreased by Nationwide Fund Advisors

Nationwide Fund Advisors cut its stake in Syntel, Inc. (NASDAQ:SYNT) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,867 shares of the information technology services provider’s stock after selling 1,796 shares during the period. Nationwide Fund Advisors’ holdings in Syntel were worth $318,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the company. WFG Advisors LP increased its position in Syntel by 9,521.1% in the fourth quarter. WFG Advisors LP now owns 12,315 shares of the information technology services provider’s stock valued at $151,000 after buying an additional 12,187 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Syntel during the fourth quarter valued at $434,000. Teachers Advisors LLC increased its position in Syntel by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 63,228 shares of the information technology services provider’s stock valued at $1,251,000 after buying an additional 3,796 shares during the last quarter. Horrell Capital Management Inc. acquired a new position in Syntel during the first quarter valued at $1,865,000. Finally, Russell Investments Group Ltd. acquired a new position in Syntel during the fourth quarter valued at $2,238,000. 33.65% of the stock is owned by institutional investors.

Syntel, Inc. (SYNT) traded down 0.40% on Friday, hitting $19.73. The stock had a trading volume of 336,422 shares. Syntel, Inc. has a 12 month low of $15.82 and a 12 month high of $46.95. The company has a 50-day moving average of $17.14 and a 200 day moving average of $18.19. The company’s market cap is $1.65 billion.

Syntel (NASDAQ:SYNT) last issued its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Syntel had a negative return on equity of 97.99% and a negative net margin of 10.11%. The firm had revenue of $226.81 million during the quarter. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. On average, analysts predict that Syntel, Inc. will post $1.72 EPS for the current fiscal year.

Syntel declared that its board has authorized a share buyback 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 reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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SYNT has been the subject of several recent analyst reports. Needham & Company LLC dropped their price target on Syntel from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, April 21st. ValuEngine upgraded Syntel from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Tuesday. Maxim Group restated a “hold” rating on shares of Syntel in a research note on Thursday, July 20th. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $16.00 price target on shares of Syntel in a research note on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $26.09.

In related news, insider Anil Jain acquired 3,775 shares of the stock in a transaction on Wednesday, May 3rd. The shares were bought at an average price of $17.30 per share, with a total value of $65,307.50. Following the completion of the purchase, the insider now owns 21,715 shares of the company’s stock, valued at approximately $375,669.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Murlidhar Reddy acquired 1,986 shares of the stock in a transaction on Thursday, May 4th. The shares were bought at an average cost of $17.83 per share, for a total transaction of $35,410.38. Following the purchase, the insider now directly owns 34,079 shares of the company’s stock, valued at approximately $607,628.57. The disclosure for this purchase can be found here. 61.10% of the stock is currently owned by insiders.

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.

Institutional Ownership by Quarter for Syntel (NASDAQ:SYNT)

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