Virtusa Corporation (NASDAQ:VRTU) Sets New 52-Week High After Analyst Upgrade
Virtusa Corporation (NASDAQ:VRTU)’s share price hit a new 52-week high during mid-day trading on Thursday after Barrington Research raised their price target on the stock from $35.00 to $40.00. Barrington Research currently has an outperform rating on the stock. Virtusa Corporation traded as high as $35.06 and last traded at $35.02, with a volume of 410,210 shares changing hands. The stock had previously closed at $33.51.
A number of other equities analysts have also recently issued reports on the stock. BidaskClub cut shares of Virtusa Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Zacks Investment Research raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Wednesday, July 19th. Maxim Group reaffirmed a “hold” rating on shares of Virtusa Corporation in a research note on Tuesday, May 16th. SunTrust Banks, Inc. set a $32.00 price objective on shares of Virtusa Corporation and gave the company a “buy” rating in a research note on Friday, May 19th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Virtusa Corporation in a research note on Friday, July 28th. Three equities 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 company. Virtusa Corporation has a consensus rating of “Buy” and a consensus price target of $35.00.
In other news, EVP Thomas R. Holler sold 29,873 shares of Virtusa Corporation stock in a transaction on Friday, May 19th. The shares were sold at an average price of $28.00, for a total transaction of $836,444.00. Following 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 SEC, which is available at the SEC website. Also, CEO Kris A. Canekeratne sold 74,000 shares of Virtusa Corporation stock in a transaction 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 transaction, the chief executive officer now directly owns 780,315 shares in the company, valued at $22,441,859.40. 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. Insiders own 5.96% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. US Bancorp DE boosted its position in shares of Virtusa Corporation by 10.3% in the second quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock worth $103,000 after buying an additional 327 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Virtusa Corporation during the second quarter worth $120,000. State of Alaska Department of Revenue raised its stake in shares of Virtusa Corporation by 79.9% in the second quarter. State of Alaska Department of Revenue now owns 5,470 shares of the information technology services provider’s stock valued at $160,000 after buying an additional 2,430 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Virtusa Corporation by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock valued at $186,000 after buying an additional 522 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Virtusa Corporation by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 6,510 shares of the information technology services provider’s stock valued at $191,000 after buying an additional 260 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors.
The firm has a market cap of $1.04 billion, a PE ratio of 50.68 and a beta of 1.71. The stock’s 50 day moving average is $31.59 and its 200 day moving average is $29.87.
Virtusa Corporation (NASDAQ:VRTU) last issued its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.09. The business had revenue of $227.30 million for the quarter, compared to analyst estimates of $224.46 million. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.47%. Virtusa Corporation’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. Equities research analysts anticipate that Virtusa Corporation will post $1.53 earnings per share for the current fiscal year.
Virtusa Corporation declared that its Board of Directors has initiated a stock buyback 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 purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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