Sify Technologies (NASDAQ:SIFY) Raised to Buy at Zacks Investment Research

Sify Technologies (NASDAQ:SIFY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $4.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.50% from the company’s previous close.

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, TheStreet cut Sify Technologies from a “b” rating to a “c” rating in a research note on Monday, September 27th.

SIFY opened at $3.62 on Wednesday. Sify Technologies has a 12 month low of $1.07 and a 12 month high of $5.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.02 and a quick ratio of 0.93. The business has a fifty day moving average price of $3.52 and a 200 day moving average price of $3.44.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIFY. Geode Capital Management LLC purchased a new stake in Sify Technologies during the 1st quarter worth about $38,000. SRS Capital Advisors Inc. purchased a new stake in Sify Technologies during the 2nd quarter worth about $40,000. Schonfeld Strategic Advisors LLC purchased a new stake in Sify Technologies during the 2nd quarter worth about $76,000. Virtu Financial LLC purchased a new stake in Sify Technologies during the 1st quarter worth about $86,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Sify Technologies during the 2nd quarter worth about $89,000. 1.88% of the stock is owned by hedge funds and other institutional investors.

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: Network-centric Services, and Data Center-centric Information Technology Services. The Network-centric Services segment includes domestic data, international data wholesale voice, and network managed services.

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