Virtusa Corporation (VRTU) Releases FY18 Earnings Guidance
Virtusa Corporation (NASDAQ:VRTU) updated its FY18 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.45-1.63 for the period, compared to the Thomson Reuters consensus estimate of $1.54. The company issued revenue guidance of $940-960 million, compared to the consensus revenue estimate of $935.37 million.Virtusa Corporation also updated its Q2 guidance to $0.32-0.38 EPS.
A number of brokerages have commented on VRTU. Cowen and Company restated a buy rating and set a $36.00 price objective on shares of Virtusa Corporation in a research report on Friday, July 28th. BidaskClub upgraded shares of Virtusa Corporation from a buy rating to a strong-buy rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Virtusa Corporation from a hold rating to a buy rating and set a $36.00 price target for the company in a report on Wednesday, July 19th. ValuEngine raised shares of Virtusa Corporation from a sell rating to a hold rating in a research note on Tuesday, June 27th. Finally, Barrington Research set a $35.00 price objective on shares of Virtusa Corporation and gave the company a buy rating in a research note on Thursday, May 25th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Virtusa Corporation has a consensus rating of Buy and an average price target of $34.38.
Shares of Virtusa Corporation (NASDAQ:VRTU) opened at 31.88 on Tuesday. The company has a 50 day moving average of $31.05 and a 200 day moving average of $29.66. Virtusa Corporation has a 52-week low of $18.03 and a 52-week high of $34.92. The firm has a market capitalization of $960.19 million, a PE ratio of 81.74 and a beta of 1.71.
Virtusa Corporation (NASDAQ:VRTU) last released its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business 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 company’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS. On average, analysts anticipate that Virtusa Corporation will post $1.54 earnings per share for the current fiscal year.
Virtusa Corporation announced that its board has authorized a stock buyback program on Wednesday, May 3rd that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO Kris A. Canekeratne sold 74,000 shares of the business’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 value of $2,128,240.00. Following the completion of the sale, the chief executive officer now directly owns 780,315 shares in the company, valued at approximately $22,441,859.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $33.63, for a total value of $403,560.00. Following the completion of the sale, the chief executive officer now owns 587,920 shares of the company’s stock, valued at $19,771,749.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,115 shares of company stock valued at $4,818,066. Corporate insiders own 5.96% of the company’s stock.
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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.
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