Virtusa Co. (NASDAQ:VRTU)‘s stock had its “buy” rating restated by equities researchers at Cantor Fitzgerald in a report issued on Friday. They currently have a $37.00 price objective on the information technology services provider’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 2.81% from the stock’s current price.

The analysts wrote, “Foresi’s Take. Quarterly top-line results were above expectations, while earnings were just below our expectations primarily due to non-operating income line items. Management raised FY18 revenue guidance, with EPS projections tightened. Margins are expected to improve in FY18, but by slightly less than prior projections (+160 bps from +170 bps).””

A number of other research analysts have also commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price target on shares of Virtusa in a research note on Thursday. Barrington Research increased their target price on shares of Virtusa from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday. Maxim Group restated a “hold” rating on shares of Virtusa in a research report on Tuesday. Cowen and Company restated a “buy” rating and set a $36.00 target price on shares of Virtusa in a research report on Friday, July 28th. Finally, BidaskClub upgraded shares of Virtusa from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. 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. The company has an average rating of “Buy” and a consensus target price of $36.38.

Virtusa (VRTU) traded up 2.77% during midday trading on Friday, reaching $35.99. The company had a trading volume of 221,693 shares. The stock’s 50 day moving average price is $31.72 and its 200-day moving average price is $29.91. The firm has a market capitalization of $1.05 billion, a P/E ratio of 52.08 and a beta of 1.71. Virtusa has a one year low of $18.03 and a one year high of $36.08.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.09. Virtusa had a net margin of 2.04% and a return on equity of 2.43%. The business had revenue of $227.30 million for the quarter, compared to analyst estimates of $224.46 million. During the same quarter in the prior year, the business earned $0.18 EPS. Virtusa’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities research analysts anticipate that Virtusa will post $1.53 earnings per share for the current year.

Virtusa announced that its Board of Directors has authorized a share buyback program on Wednesday, May 3rd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the information technology services provider to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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In related 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 completion of the transaction, the executive vice president now owns 45,716 shares of the company’s stock, valued at approximately $1,280,048. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Kris A. Canekeratne sold 74,000 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $28.76, for a total transaction of $2,128,240.00. Following the completion of the transaction, the chief executive officer now directly owns 780,315 shares of the company’s stock, valued at approximately $22,441,859.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,115 shares of company stock valued at $4,818,066. 5.96% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System increased its position in Virtusa by 2.3% in the second quarter. California Public Employees Retirement System now owns 86,000 shares of the information technology services provider’s stock valued at $2,528,000 after buying an additional 1,900 shares during the last quarter. ETRADE Capital Management LLC acquired a new position in Virtusa during the second quarter valued at about $260,000. Vanguard Group Inc. increased its position in Virtusa by 6.1% in the second quarter. Vanguard Group Inc. now owns 2,073,630 shares of the information technology services provider’s stock valued at $60,964,000 after buying an additional 119,133 shares during the last quarter. Northern Trust Corp increased its position in Virtusa by 48.6% in the second quarter. Northern Trust Corp now owns 588,770 shares of the information technology services provider’s stock valued at $17,309,000 after buying an additional 192,475 shares during the last quarter. Finally, Citigroup Inc. increased its position in Virtusa by 14.4% in the second quarter. Citigroup Inc. now owns 29,400 shares of the information technology services provider’s stock valued at $864,000 after buying an additional 3,711 shares during the last quarter. 84.49% of the stock is owned by hedge funds and other institutional investors.

Virtusa 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 (NASDAQ:VRTU)

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