Maxim Group restated their hold rating on shares of Virtusa Corporation (NASDAQ:VRTU) in a report released on Tuesday morning.

Several other research analysts have also recently weighed in on VRTU. Zacks Investment Research raised Virtusa Corporation from a strong sell rating to a hold rating in a research report on Wednesday, April 12th. SunTrust Banks, Inc. set a $32.00 price objective on Virtusa Corporation and gave the stock a buy rating in a research report on Friday, May 19th. Barrington Research set a $35.00 price objective on Virtusa Corporation and gave the stock a buy rating in a research report on Thursday, May 25th. ValuEngine raised Virtusa Corporation from a sell rating to a hold rating in a research report on Tuesday, June 27th. Finally, BidaskClub cut Virtusa Corporation from a buy rating to a hold rating in a research report on Saturday, July 8th. Three 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 has a consensus rating of Buy and a consensus target price of $35.00.

Shares of Virtusa Corporation (VRTU) traded up 0.84% during midday trading on Tuesday, reaching $33.58. The company’s stock had a trading volume of 72,819 shares. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $34.92. The stock has a 50-day moving average of $31.33 and a 200 day moving average of $29.73. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 86.10 and a beta of 1.71.

Virtusa Corporation (NASDAQ:VRTU) last posted its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.09. The company had revenue of $227.30 million during the quarter, compared to analysts’ expectations of $224.46 million. Virtusa Corporation had a return on equity of 3.50% and a net margin of 1.38%. Virtusa Corporation’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, analysts predict that Virtusa Corporation will post $1.54 earnings per share for the current fiscal year.

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Virtusa Corporation declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 3rd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

In related news, EVP Thomas R. Holler sold 29,873 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $28.00, for a total transaction of $836,444.00. Following the completion of the transaction, the executive vice president now directly owns 45,716 shares of the company’s stock, 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 value of $744,380.00. Following the transaction, the chief executive officer now directly owns 619,920 shares of the company’s stock, valued at $17,748,309.60. The disclosure for this sale can be found here. Insiders have sold 166,115 shares of company stock valued at $4,818,066 over the last three months. Insiders own 5.96% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Virtusa Corporation by 120,287.9% in the first quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock valued at $100,993,000 after buying an additional 3,339,191 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Virtusa Corporation during the fourth quarter valued at $1,731,000. CNA Financial Corp increased its position in shares of Virtusa Corporation by 91.9% in the first quarter. CNA Financial Corp now owns 16,933 shares of the information technology services provider’s stock valued at $512,000 after buying an additional 8,108 shares during the last quarter. Morgan Stanley increased its position in shares of Virtusa Corporation by 548.1% in the first quarter. Morgan Stanley now owns 560,515 shares of the information technology services provider’s stock valued at $16,938,000 after buying an additional 474,032 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Virtusa Corporation by 19.4% in the first quarter. Wells Fargo & Company MN now owns 22,615 shares of the information technology services provider’s stock valued at $684,000 after buying an additional 3,668 shares during the last quarter. 84.49% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Virtusa Corporation (NASDAQ:VRTU)

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