Virtusa Corporation (NASDAQ:VRTU) issued its earnings results on Tuesday. The information technology services provider reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.09, Bloomberg Earnings reports. The firm had revenue of $227.30 million for the quarter, compared to analysts’ expectations of $224.46 million. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. Virtusa Corporation updated its Q2 guidance to $0.32-0.38 EPS and its FY18 guidance to $1.45-1.63 EPS.

Virtusa Corporation (VRTU) traded up 4.45% during mid-day trading on Tuesday, reaching $33.30. 634,043 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $31.33 and its 200-day moving average price is $29.73. Virtusa Corporation has a 52 week low of $18.03 and a 52 week high of $34.92. The company has a market capitalization of $1.00 billion, a P/E ratio of 85.38 and a beta of 1.71.

Several analysts recently weighed in on VRTU shares. Cowen and Company reaffirmed a “buy” rating and issued a $36.00 target price on shares of Virtusa Corporation in a report on Friday, July 28th. Barrington Research set a $35.00 target price on shares of Virtusa Corporation and gave the company a “buy” rating in a report on Thursday, May 25th. SunTrust Banks, Inc. set a $32.00 target price on shares of Virtusa Corporation and gave the company a “buy” rating in a report on Friday, May 19th. Zacks Investment Research raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Wednesday, July 19th. Finally, BidaskClub raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Virtusa Corporation has an average rating of “Buy” and an average target price of $34.38.

TRADEMARK VIOLATION NOTICE: “Virtusa Corporation (VRTU) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS” was first posted by Daily Political and is owned by of Daily Political. If you are accessing this article on another publication, it was illegally stolen and republished in violation of US & international trademark & copyright law. The legal version of this article can be read at https://www.dailypolitical.com/2017/08/08/virtusa-corporation-vrtu-releases-earnings-results-misses-expectations-by-0-02-eps.html.

Virtusa Corporation announced that its board has authorized a share repurchase program on Wednesday, May 3rd that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, CEO Kris A. Canekeratne sold 74,000 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $28.76, for a total transaction of $2,128,240.00. Following the sale, the chief executive officer now directly owns 780,315 shares of the company’s stock, valued at approximately $22,441,859.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas R. Holler sold 29,873 shares of the company’s 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 sale, the executive vice president now directly owns 45,716 shares in the company, valued at $1,280,048. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,115 shares of company stock worth $4,818,066. Corporate insiders own 5.96% of the company’s stock.

Several large investors have recently bought and sold shares of VRTU. Aperio Group LLC raised its stake in Virtusa Corporation by 0.6% in the second quarter. Aperio Group LLC now owns 9,836 shares of the information technology services provider’s stock valued at $289,000 after buying an additional 60 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Virtusa Corporation by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the information technology services provider’s stock valued at $338,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System raised its stake in Virtusa Corporation by 0.7% in the second quarter. Arizona State Retirement System now owns 14,455 shares of the information technology services provider’s stock valued at $425,000 after buying an additional 100 shares in the last quarter. Kirr Marbach & Co. LLC IN raised its stake in Virtusa Corporation by 1.2% in the first quarter. Kirr Marbach & Co. LLC IN now owns 10,650 shares of the information technology services provider’s stock valued at $322,000 after buying an additional 125 shares in the last quarter. Finally, Miles Capital Inc. raised its stake in Virtusa Corporation by 1.7% in the first quarter. Miles Capital Inc. now owns 9,019 shares of the information technology services provider’s stock valued at $273,000 after buying an additional 154 shares in the last quarter. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Virtusa Corporation Company Profile

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.

Earnings History for Virtusa Corporation (NASDAQ:VRTU)

Receive News & Ratings for Virtusa Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtusa Corporation and related companies with MarketBeat.com's FREE daily email newsletter.