Sify Technologies (NASDAQ:SIFY) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Sify Technologies (NASDAQ:SIFY) from a hold rating to a sell rating in a research note published on Friday, 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 restated a buy rating and set a $4.00 price objective on shares of Sify Technologies in a research report on Thursday, July 25th.

Shares of SIFY traded down $0.04 on Friday, reaching $1.32. 57,140 shares of the stock traded hands, compared to its average volume of 87,072. The company has a current ratio of 1.19, a quick ratio of 1.07 and a debt-to-equity ratio of 0.31. Sify Technologies has a 12 month low of $1.15 and a 12 month high of $1.84. The stock’s 50-day moving average is $1.40.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SIFY. Pinnacle Associates Ltd. grew its position in Sify Technologies by 6.6% in the first quarter. Pinnacle Associates Ltd. now owns 585,332 shares of the technology company’s stock valued at $955,000 after acquiring an additional 36,220 shares during the period. River & Mercantile Asset Management LLP bought a new stake in Sify Technologies in the first quarter valued at $187,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Sify Technologies in the first quarter valued at $37,000. Institutional investors and hedge funds 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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