Virtusa Corporation (VRTU) Set to Announce Earnings on Tuesday
Virtusa Corporation (NASDAQ:VRTU) is scheduled to be announcing its earnings results before the market opens on Tuesday, August 8th. Analysts expect the company to announce earnings of $0.27 per share for the quarter. Virtusa Corporation has set its Q1 guidance at $0.24-0.30 EPS and its FY18 guidance at $1.42-1.66 EPS.
Virtusa Corporation (NASDAQ:VRTU) last issued its quarterly earnings data on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.02. Virtusa Corporation had a return on equity of 3.50% and a net margin of 1.38%. The firm had revenue of $226 million during the quarter, compared to analysts’ expectations of $226.67 million. During the same period in the previous year, the firm earned $0.55 EPS. The firm’s quarterly revenue was up 31.5% on a year-over-year basis. On average, analysts expect Virtusa Corporation to post $1.54 EPS for the current fiscal year and $1.97 EPS for the next fiscal year.
Virtusa Corporation (NASDAQ VRTU) opened at 33.14 on Monday. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $34.92. The stock has a market cap of $998.14 million, a P/E ratio of 84.97 and a beta of 1.71. The stock has a 50 day moving average of $31.05 and a 200-day moving average of $29.66.
Virtusa Corporation announced that its board has authorized a share buyback program on Wednesday, May 3rd that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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A number of research firms recently weighed in on VRTU. ValuEngine upgraded shares of Virtusa Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Cowen and Company restated a “buy” rating and set a $36.00 target price on shares of Virtusa Corporation in a research note on Friday, July 28th. BidaskClub upgraded shares of Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Barrington Research set a $35.00 target price on shares of Virtusa Corporation and gave the stock a “buy” rating in a research note on Thursday, May 25th. Finally, Zacks Investment Research upgraded shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Virtusa Corporation presently has an average rating of “Buy” and a consensus price target of $34.38.
In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $28.00, for a total value of $836,444.00. Following the transaction, the executive vice president now directly owns 45,716 shares in the company, valued at $1,280,048. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 26,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $28.63, for a total transaction of $744,380.00. Following the completion of the transaction, the chief executive officer now owns 619,920 shares in the company, valued at $17,748,309.60. The disclosure for this sale can be found here. Insiders sold 166,115 shares of company stock worth $4,818,066 over the last quarter. 9.92% of the stock is currently owned by insiders.
About Virtusa Corporation
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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