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

Zacks Investment Research downgraded shares of Sify Technologies (NASDAQ:SIFY) from a hold rating to a sell rating in a research note issued to investors on Saturday morning, 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, Maxim Group reiterated a buy rating and set a $4.00 target price on shares of Sify Technologies in a research note on Thursday, July 25th.

Shares of SIFY stock opened at $1.31 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.07 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average price is $1.40. The firm has a market capitalization of $53.02 million, a P/E ratio of 13.10, a P/E/G ratio of 0.84 and a beta of 1.01. Sify Technologies has a 12 month low of $1.15 and a 12 month high of $1.84.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Sify Technologies in the first quarter worth about $37,000. Pinnacle Associates Ltd. lifted its position in shares of Sify Technologies by 6.6% in the first quarter. Pinnacle Associates Ltd. now owns 585,332 shares of the technology company’s stock worth $955,000 after buying an additional 36,220 shares in the last quarter. Finally, River & Mercantile Asset Management LLP purchased a new stake in shares of Sify Technologies in the first quarter worth about $187,000. Institutional investors own 4.65% of the company’s stock.

Sify Technologies Company Profile

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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