Maxim Group Reaffirms “Buy” Rating for Sify Technologies (NASDAQ:SIFY)

Maxim Group reiterated their buy rating on shares of Sify Technologies (NASDAQ:SIFY) in a research report sent to investors on Friday morning, reports. Maxim Group currently has a $4.00 target price on the technology company’s stock.

“We expect F1Q20 results – due Wednesday, 7/24 to support our thesis that Sify is well-positioned for above-average growth as an Information and Communication Telecom Solutions provider levered to attractive India market.”,” Maxim Group’s analyst commented.

Shares of NASDAQ:SIFY opened at $1.47 on Friday. Sify Technologies has a 1 year low of $1.15 and a 1 year high of $2.04. The stock has a market cap of $57.55 million, a price-to-earnings ratio of 14.70, a price-to-earnings-growth ratio of 0.53 and a beta of 1.04. 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’s 50 day simple moving average is $1.39.

Large investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV acquired a new position in Sify Technologies in the 1st quarter valued at $29,000. River & Mercantile Asset Management LLP acquired a new position in Sify Technologies in the 1st quarter valued at $187,000. Finally, Pinnacle Associates Ltd. raised its stake in Sify Technologies by 6.6% in the 1st quarter. Pinnacle Associates Ltd. now owns 585,332 shares of the technology company’s stock valued at $955,000 after purchasing an additional 36,220 shares during the last quarter. Hedge funds and other 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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