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

Sify Technologies (NASDAQ:SIFY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, 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 reissued a “buy” rating and issued a $4.00 target price on shares of Sify Technologies in a report on Thursday, July 25th.

Sify Technologies stock traded down $0.02 during trading hours on Tuesday, hitting $1.36. The stock had a trading volume of 19,107 shares, compared to its average volume of 36,922. The company has a 50-day moving average of $1.31 and a two-hundred day moving average of $1.43. The company has a quick ratio of 1.07, a current ratio of 1.19 and a debt-to-equity ratio of 0.31. The company has a market cap of $53.47 million, a PE ratio of 13.60, a price-to-earnings-growth ratio of 0.82 and a beta of 1.04. Sify Technologies has a fifty-two week low of $1.15 and a fifty-two week high of $1.70.

Several institutional investors and hedge funds have recently modified their holdings of SIFY. Citadel Advisors LLC grew its position in Sify Technologies by 105.7% during the 2nd quarter. Citadel Advisors LLC now owns 25,740 shares of the technology company’s stock worth $36,000 after acquiring an additional 13,226 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Sify Technologies during the 1st quarter worth $29,000. River & Mercantile Asset Management LLP raised its stake in Sify Technologies by 24.1% during the 2nd quarter. River & Mercantile Asset Management LLP now owns 142,323 shares of the technology company’s stock worth $194,000 after buying an additional 27,623 shares during the period. Finally, Pinnacle Associates Ltd. raised its stake in Sify Technologies by 6.6% during the 1st 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 during the period. 4.09% of the stock is owned by institutional investors and hedge funds.

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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