Virtusa Corp. (VRTU) Upgraded at Zacks Investment Research
According to Zacks, “Virtusa Corporation is a global information technology services company providing IT consulting, technology implementation and application outsourcing services. Using its enhanced global delivery model, innovative platforming approach and industry expertise, Virtusa provides cost-effective services that enable its clients to use IT to enhance business performance, accelerate time-to-market, increase productivity and improve customer service. “
Other research analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a buy rating and issued a $32.00 target price (down from $45.00) on shares of Virtusa Corp. in a report on Thursday, August 11th. Maxim Group decreased their target price on shares of Virtusa Corp. from $42.00 to $38.00 and set a buy rating for the company in a report on Tuesday, August 9th. Cantor Fitzgerald reaffirmed a buy rating and issued a $40.00 target price on shares of Virtusa Corp. in a report on Monday, August 8th. TheStreet cut shares of Virtusa Corp. from a buy rating to a hold rating in a report on Monday, August 15th. Finally, Wedbush initiated coverage on shares of Virtusa Corp. in a report on Thursday, September 8th. They issued a neutral rating and a $29.00 target price for the company. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $38.22.
Shares of Virtusa Corp. (NASDAQ:VRTU) opened at 21.87 on Wednesday. Virtusa Corp. has a 1-year low of $20.74 and a 1-year high of $59.40. The firm has a 50-day moving average of $24.56 and a 200 day moving average of $29.87. The stock has a market cap of $653.24 million, a price-to-earnings ratio of 23.07 and a beta of 1.42.
Virtusa Corp. (NASDAQ:VRTU) last issued its earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The business earned $205.50 million during the quarter, compared to analysts’ expectations of $203.82 million. Virtusa Corp. had a net margin of 4.24% and a return on equity of 7.38%. The business’s revenue for the quarter was up 52.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. Equities research analysts forecast that Virtusa Corp. will post $1.63 earnings per share for the current year.
In other news, Director Ronald T. Maheu sold 3,423 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $26.25, for a total transaction of $89,853.75. Following the completion of the transaction, the director now directly owns 40,533 shares of the company’s stock, valued at $1,063,991.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kris A. Canekeratne sold 24,000 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $26.01, for a total transaction of $624,240.00. Following the transaction, the chief executive officer now directly owns 826,133 shares of the company’s stock, valued at $21,487,719.33. The disclosure for this sale can be found here. Insiders own 9.92% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PineBridge Investments L.P. boosted its position in Virtusa Corp. by 4.2% in the second quarter. PineBridge Investments L.P. now owns 3,454 shares of the company’s stock valued at $100,000 after buying an additional 139 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Virtusa Corp. by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 3,961 shares of the company’s stock valued at $114,000 after buying an additional 482 shares during the last quarter. Mason Street Advisors LLC bought a new position in Virtusa Corp. during the second quarter valued at $154,000. Fifth Third Bancorp boosted its position in Virtusa Corp. by 57.1% in the second quarter. Fifth Third Bancorp now owns 5,499 shares of the company’s stock valued at $159,000 after buying an additional 1,998 shares during the last quarter. Finally, JPMorgan Chase & Co. bought a new position in Virtusa Corp. during the second quarter valued at $180,000. 85.76% of the stock is owned by hedge funds and other institutional investors.
About Virtusa Corp.
Virtusa Corporation (Virtusa) is an information technology services company. The Company’s services include information technology (IT) and business consulting, digital enablement services, user experience (UX) design, development of IT applications, maintenance and support services, systems integration, infrastructure and managed services.
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