Sify Technologies (NASDAQ:SIFY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, reports. The brokerage presently has a $1.00 price target on the technology company’s stock. Zacks Investment Research‘s target price points to a potential downside of 13.04% from the stock’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. “

SIFY stock traded up $0.14 on Friday, hitting $1.15. 247,459 shares of the company’s stock were exchanged, compared to its average volume of 344,391. Sify Technologies has a 12-month low of $0.56 and a 12-month high of $1.50. The firm has a 50 day moving average price of $0.92 and a two-hundred day moving average price of $0.98.

A hedge fund recently raised its stake in Sify Technologies stock. Mercer Global Advisors Inc. ADV boosted its position in shares of Sify Technologies Limited (NASDAQ:SIFY) by 111.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 38,190 shares of the technology company’s stock after acquiring an additional 20,110 shares during the quarter. Mercer Global Advisors Inc. ADV owned about 0.10% of Sify Technologies worth $29,000 at the end of the most recent reporting period. 3.69% of the stock is currently owned by 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: 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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