5. iGATE (IGTE) is an integrated Technology and Operations (iTOPS) company providing businesses end-to-end solutions that leverage technology, thus enabling clients to enhance their business performance. It targets large- and medium-sized organizations across industry verticals such as financial services, insurance, manufacturing, media and healthcare.
Of the 10 analysts covering the stock, 70% recommend a buy and 20% rate a hold. Analysts polled by Bloomberg foresee the stock gaining an average 22% to $19.71 over the next 12 months.
For the 2011 third quarter, the company reported revenue of $265.7 million compared with $170.4 million in the prior quarter and $74.8 million in the same quarter last year. Net income was $14.3 million during the quarter, unchanged from the same quarter previous year and up 257% from the earlier quarter.Diluted EPS was 10 cents, vs. 20 cents in the previous quarter. About 24 new customers were added during the quarter, including 6 Fortune 1000 companies. The quarter ended with a headcount of 26,216 employees. The company recently announced its intent to initiate through its subsidiaries Pan-Asia iGATE Solutions and iGATE Global Solutions Limited, a process that could lead to the delisting of its Indian subsidiary Patni Computer Systems Limited, as part of merger a process that will likely close in Dec. 2012. In Oct. 2011, iGate Patni announced the extension of a multi-million-dollar, multi-year contract with The Mosaic Company to provide Global Service Desk support in English, Latin American, and APAC languages.
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