Virtusa Corp. (NASDAQ:VRTU) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Virtusa Corporation is a global information technology services company providing IT consulting, technology implementation and application outsourcing services. Using its enhanced global delivery model, innovative platforming approach and industry expertise, Virtusa provides cost-effective services that enable its clients to use IT to enhance business performance, accelerate time-to-market, increase productivity and improve customer service. “
Several other brokerages also recently weighed in on VRTU. Cantor Fitzgerald reissued a “buy” rating and set a $40.00 price target on shares of Virtusa Corp. in a research report on Wednesday, June 29th. Maxim Group reissued a “buy” rating and set a $42.00 price target (down previously from $46.00) on shares of Virtusa Corp. in a research report on Wednesday, June 29th. Wedbush started coverage on shares of Virtusa Corp. in a research report on Thursday, September 8th. They set a “neutral” rating and a $29.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $32.00 target price (down previously from $45.00) on shares of Virtusa Corp. in a report on Thursday, August 11th. Finally, TheStreet cut shares of Virtusa Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Virtusa Corp. has an average rating of “Buy” and an average price target of $38.22.
Shares of Virtusa Corp. (NASDAQ:VRTU) opened at 21.89 on Wednesday. Virtusa Corp. has a one year low of $20.74 and a one year high of $59.40. The company has a market cap of $653.83 million, a PE ratio of 23.09 and a beta of 1.42. The firm’s 50-day moving average is $24.61 and its 200-day moving average is $29.96.
Virtusa Corp. (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The company earned $205.50 million during the quarter, compared to the consensus estimate of $203.82 million. Virtusa Corp. had a net margin of 4.24% and a return on equity of 7.38%. The firm’s quarterly revenue was up 52.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. On average, equities analysts anticipate that Virtusa Corp. will post $1.63 EPS for the current year.
In other Virtusa Corp. news, Director Ronald T. Maheu sold 3,423 shares of Virtusa Corp. stock in a transaction on Monday, September 12th. The shares were sold at an average price of $26.25, for a total value of $89,853.75. Following the sale, the director now directly owns 40,533 shares in the company, valued at approximately $1,063,991.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kris A. Canekeratne sold 24,000 shares of Virtusa Corp. stock in a transaction on Friday, September 9th. The shares were sold at an average price of $26.01, for a total transaction of $624,240.00. Following the completion of the sale, the chief executive officer now owns 826,133 shares in the company, valued at $21,487,719.33. The disclosure for this sale can be found here. Corporate insiders own 9.92% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Virtusa Corp. by 38.8% in the second quarter. FMR LLC now owns 4,488,600 shares of the company’s stock worth $129,631,000 after buying an additional 1,254,584 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Virtusa Corp. by 35.8% in the second quarter. Waddell & Reed Financial Inc. now owns 2,571,741 shares of the company’s stock worth $74,271,000 after buying an additional 677,285 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Virtusa Corp. by 2.0% in the second quarter. Vanguard Group Inc. now owns 1,702,782 shares of the company’s stock worth $49,177,000 after buying an additional 33,707 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Virtusa Corp. by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 676,876 shares of the company’s stock worth $19,548,000 after buying an additional 5,326 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Virtusa Corp. by 1.0% in the second quarter. State Street Corp now owns 562,837 shares of the company’s stock worth $16,255,000 after buying an additional 5,795 shares in the last quarter. Institutional investors own 85.76% of the company’s stock.
About Virtusa Corp.
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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