StarTek, Inc. (NYSE:SRT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
According to Zacks, “StarTek, Inc. is a global provider of process management services and owns and operates branded vertical market Internet web sites. Their process management service platforms include E-commerce support and fulfillment, provisioning management for telecommunications systems, high-end inbound technical support, and an offering of supply chain management services. As an outsourcer of process management services as its core business, StarTek allows its clients to focus on their primary business, reduce overhead, replace fixed costs with variable costs, and reduce working capital needs. “
A number of other analysts also recently weighed in on SRT. Royal Bank Of Canada reduced their target price on shares of StarTek from C$11.25 to C$11.00 and set a “sector perform” rating on the stock in a research report on Monday, November 6th. Robert W. Baird reaffirmed a “hold” rating and issued a $12.00 target price on shares of StarTek in a research report on Wednesday, October 4th. Finally, Lake Street Capital upped their target price on shares of StarTek from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th.
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Institutional investors have recently made changes to their positions in the stock. Citigroup Inc. bought a new position in StarTek in the 2nd quarter worth about $101,000. Nationwide Fund Advisors boosted its stake in StarTek by 207.7% in the 2nd quarter. Nationwide Fund Advisors now owns 8,504 shares of the business services provider’s stock worth $104,000 after purchasing an additional 5,740 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in StarTek in the 3rd quarter worth about $121,000. New York State Common Retirement Fund bought a new position in StarTek in the 2nd quarter worth about $133,000. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in StarTek in the 2nd quarter worth about $146,000. Institutional investors own 49.58% of the company’s stock.
StarTek, Inc is a customer engagement business process outsourcing (BPO) services provider, delivering customer care solutions. The Company operates through three segments: Domestic, Nearshore and Offshore. As of December 31, 2016, its Domestic segment included the operations of 13 facilities in the United States and one facility in Canada; its Offshore segment included the operations of four facilities in the Philippines, and its Nearshore segment included the operations of two facilities in Honduras and one facility in Jamaica.
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