Syntel Inc. (SYNT) interim CEO and President Rakesh Khanna (Insider Trades)Â acquired 5,850 shares of the company in two transactions on Dec. 5. The price per share was $20 for a total transaction of $117,000.
Syntel, an information technology and knowledge process services company for Global 2000 companies, has a market cap of $1.67 billion.
The number of Syntel insider sells increased each year from 2013 to 2015 while the total volume of insider shares sold each year decreased. In 2013, there were 31 insider sells totaling 170,684 shares in 2013. In the following year, there was one more insider sell; the total number of insider shares sold amounted to 132,068. In 2015, there were 37 insider sells totaling 109,352 shares.
There were no insider sells from 2013 to 2015, but Syntel insiders have purchased 35,647 shares in six transactions to date. Including Khanna’s aforementioned transaction, Khanna purchased 5,850 shares in two transactions and sold a total of 19,950 shares since 2013. Syntel Chief Administrative Officer Daniel Moore (Insider Trades) purchased 4,297 shares of the company for a per share price of $19.99 on Dec. 5.
For more information about insider transactions with Syntel, click here.
For the three months ended Sept. 30 the company reported net revenue of $241.26 million. In comparison, the company reported net revenue of $253.64 million for the corresponding quarter of the previous year. Net income also decreased when comparing the third quarter of 2015 to the third quarter of this year. The company reported net revenue of $77.69 million for the three months ended Sept. 30, 2015, but net revenue decreased to a net loss of $217.23 million in the third quarter.
Earnings per share also decreased from 92 cents to -$2.58 when comparing the same time periods. Syntel’s CEO at the time of the third quarter 2016 earnings release, Nitin Rakesh, commented that the company faced a challenging market in the third quarter, but it continued to show “signs of stabilization” in the company’s insurance segment. Rakesh has since stepped down from the roles of CEO, president and director of Syntel.
The company announced a one-time special cash dividend of $15 per share of common stock on Sept. 12, payable to shareholders Oct. 3. In addition, the company’s board authorized a stock repurchase plan for common stock not exceeding $10 million in value.
According to GuruFocus.com information, Syntel has a business predictability rank of 4.5 out of 5 stars. For more information about business predictability rank, click here.
Paul Tudor Jones (Trades, Portfolio) increased his stake in Syntel during the third quarter, newly acquiring 10,900 shares of the company at an average per share price of $44.75. In the previous quarter, Jones sold out 6,970 shares of Syntel at an average price per share of $45.13. On the other hand, George Soros (Trades, Portfolio) sold all 8,100 held shares of Syntel after acquiring them in the previous quarter for an average per share price of $45.13. The total estimated gain of the holding since the second quarter of 2016 was -1%. For more information about guru transactions with Syntel, click here.
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