Sify Technologies (NASDAQ:SIFY) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Sify Technologies (NASDAQ:SIFY) from a hold rating to a buy rating in a report released on Wednesday morning, reports. The brokerage currently has $1.25 price objective on the technology company’s stock.

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. “

Shares of SIFY traded down $0.06 during midday trading on Wednesday, hitting $1.30. 155,129 shares of the company traded hands, compared to its average volume of 111,907. The firm has a 50 day moving average of $1.01 and a 200-day moving average of $0.97. Sify Technologies has a 52 week low of $0.56 and a 52 week high of $1.50. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 0.46.

A hedge fund recently raised its stake in Sify Technologies stock. Mercer Global Advisors Inc. ADV lifted its holdings in Sify Technologies Limited (NASDAQ:SIFY) by 111.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,190 shares of the technology company’s stock after acquiring an additional 20,110 shares during the period. Mercer Global Advisors Inc. ADV owned 0.10% of Sify Technologies worth $29,000 at the end of the most recent quarter. Institutional investors and hedge funds own 3.69% 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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