Zacks Investment Research upgraded shares of Virtusa (NASDAQ:VRTU) from a hold rating to a buy rating in a report released on Saturday. They currently have $49.00 price target on the information technology services provider’s stock.

According to Zacks, “Virtusa Corporation is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment. The company also provides technology implementation services, such as application development, software product engineering. In addition, it offers application outsourcing services, such as the application maintenance and support, maintenance and enhancement of applications, and cloud-environment management and support; managed infrastructure services, and remote application monitoring and support; Virtusa delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing, and maintenance, including infrastructure support. The company was formerly known as eRunway, Inc. and changed its name to Virtusa Corporation. “

A number of other brokerages also recently issued reports on VRTU. Wedbush boosted their price objective on Virtusa from $60.00 to $70.00 and gave the company an outperform rating in a research note on Friday, August 31st. BidaskClub downgraded Virtusa from a buy rating to a hold rating in a research note on Thursday, September 20th. Barrington Research set a $64.00 price objective on Virtusa and gave the company a buy rating in a research note on Friday, August 10th. Needham & Company LLC boosted their price objective on Virtusa from $65.00 to $68.00 and gave the company a strong-buy rating in a research note on Thursday, August 9th. Finally, SunTrust Banks boosted their price objective on Virtusa to $56.00 and gave the company a hold rating in a research note on Monday, August 13th. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $61.00.

Shares of NASDAQ:VRTU opened at $39.92 on Friday. The stock has a market capitalization of $1.25 billion, a PE ratio of 44.85, a price-to-earnings-growth ratio of 1.33 and a beta of 1.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 2.44 and a current ratio of 2.44. Virtusa has a 1 year low of $39.63 and a 1 year high of $58.60.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data on Thursday, November 8th. The information technology services provider reported $0.54 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.54. The company had revenue of $305.50 million for the quarter, compared to the consensus estimate of $306.37 million. Virtusa had a positive return on equity of 9.03% and a negative net margin of 1.04%. The firm’s revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. On average, equities research analysts forecast that Virtusa will post 1.57 EPS for the current fiscal year.

In related news, President Samir Dhir sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $49.55, for a total transaction of $198,200.00. Following the transaction, the president now directly owns 118,822 shares of the company’s stock, valued at approximately $5,887,630.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 5.11% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Sawgrass Asset Management LLC raised its stake in Virtusa by 26.7% during the 3rd quarter. Sawgrass Asset Management LLC now owns 45,120 shares of the information technology services provider’s stock worth $2,423,000 after buying an additional 9,500 shares during the period. TIAA CREF Investment Management LLC raised its stake in Virtusa by 6.9% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 142,973 shares of the information technology services provider’s stock worth $7,679,000 after buying an additional 9,251 shares during the period. Teachers Advisors LLC raised its stake in Virtusa by 2.8% during the 3rd quarter. Teachers Advisors LLC now owns 334,047 shares of the information technology services provider’s stock worth $17,942,000 after buying an additional 9,235 shares during the period. AQR Capital Management LLC raised its stake in Virtusa by 40.3% during the 3rd quarter. AQR Capital Management LLC now owns 15,026 shares of the information technology services provider’s stock worth $807,000 after buying an additional 4,317 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Virtusa by 0.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 922,037 shares of the information technology services provider’s stock worth $49,522,000 after buying an additional 5,963 shares during the period. 86.06% of the stock is currently owned by institutional investors and hedge funds.

Virtusa Company Profile

Virtusa Corporation provides digital engineering and information technology (IT) outsourcing services worldwide. The company offers business and IT consulting services, including advisory/target operating model, business process re-engineering/business management, transformational solution consulting, and business/technology alignment analysis; omni-channel digital strategy, experience design accelerated solution design, and employee engagement; and application portfolio rationalization, SDLC transformation, and BA competency transformation services.

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