CMS Energy Corporation (CMS), Boeing Co (BA) and Sykes Enterprises (SYKE) Had Executives Offload Shares This Week

Sykes Enterprises Had Executives Offload Shares This Week

Sykes Enterprises Incorporated (NASDAQ:SYKE) is yet another company that saw a member of its executive team unload a sizable block of shares this week. Lawrence R. Zingale, Executive Vice President and General Manager of Major Markets, filed on Thursday to disclose the sale of 36,000 shares at a price of $29.00 per share, which trimmed his overall holding to 52,837 shares.

The provider of comprehensive customer contact management solutions and services has seen its market value gain 18% in the past 12 months. However, the stock has not done too much on the upside since November, after registering an impressive run in the past several years. In July, Sykes Enterprises completed the acquisition of Qelp B.V. and its subsidiary for a total of $15.8 million in an attempt to extend and strengthen its service portfolio around digital self-service customer support, as well as expand the physical reach of its operations. In the April of this year, the company also completed the acquisition of Clear Link Holdings LLC and its subsidiaries, which operate one of the leading inbound demand generation and sales conversion platforms. Despite these acquisitions, Sykes Enterprises’ revenues for the first quarter declined to $320.75 million from the $323.69 million recorded for the same quarter of 2015. The company plans to discuss the future contribution from Clearlink when it releases the second-quarter earnings report.

Sykes shares are priced at 14.4-times expected earnings, slightly below the forward PE multiple of 16.0 for the Information Technology sector. Jim Simons’ Renaissance Technologies had 644,300 shares of Sykes Enterprises Incorporated (NASDAQ:SYKE) in its equity portfolio at the end of 2015.

Disclosure: None