$317.38 Million in Sales Expected for Virtusa Co. (VRTU) This Quarter

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Wall Street brokerages expect Virtusa Co. (NASDAQ:VRTU) to announce sales of $317.38 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Virtusa’s earnings. The lowest sales estimate is $317.00 million and the highest is $318.03 million. Virtusa reported sales of $300.03 million in the same quarter last year, which would suggest a positive year over year growth rate of 5.8%. The business is scheduled to announce its next earnings results on Wednesday, August 14th.

According to Zacks, analysts expect that Virtusa will report full-year sales of $1.37 billion for the current year, with estimates ranging from $1.36 billion to $1.38 billion. For the next year, analysts forecast that the business will report sales of $1.53 billion, with estimates ranging from $1.52 billion to $1.55 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Virtusa.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data on Wednesday, May 15th. The information technology services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.06). The firm had revenue of $327.60 million for the quarter, compared to the consensus estimate of $330.91 million. Virtusa had a return on equity of 12.68% and a net margin of 1.29%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share.

Several research firms have recently issued reports on VRTU. Zacks Investment Research upgraded Virtusa from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Friday, April 12th. BidaskClub lowered Virtusa from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Barrington Research restated a “buy” rating and set a $64.00 target price on shares of Virtusa in a research report on Friday, May 10th. Needham & Company LLC restated a “strong-buy” rating and set a $60.00 target price on shares of Virtusa in a research report on Thursday, May 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $56.00 target price (down from $62.00) on shares of Virtusa in a research report on Thursday, May 16th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $56.83.

NASDAQ:VRTU traded up $0.95 on Tuesday, hitting $43.65. 124,181 shares of the stock were exchanged, compared to its average volume of 136,833. The stock has a market capitalization of $1.31 billion, a P/E ratio of 29.90, a P/E/G ratio of 1.08 and a beta of 1.05. Virtusa has a 52 week low of $37.80 and a 52 week high of $58.60. The company has a current ratio of 2.72, a quick ratio of 2.35 and a debt-to-equity ratio of 1.24.

In related news, CEO Kris A. Canekeratne sold 62,175 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $51.19, for a total value of $3,182,738.25. Following the completion of the transaction, the chief executive officer now directly owns 683,292 shares in the company, valued at approximately $34,977,717.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $56.41, for a total value of $676,920.00. Following the completion of the transaction, the chief executive officer now owns 597,117 shares of the company’s stock, valued at $33,683,369.97. The disclosure for this sale can be found here. Insiders have sold a total of 126,288 shares of company stock valued at $6,662,811 over the last 90 days. Corporate insiders own 5.11% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of VRTU. GW&K Investment Management LLC acquired a new position in Virtusa in the 4th quarter valued at $24,231,000. Norges Bank bought a new stake in shares of Virtusa in the fourth quarter valued at $15,553,000. Hillcrest Asset Management LLC bought a new stake in shares of Virtusa in the fourth quarter valued at $8,879,000. Portolan Capital Management LLC raised its stake in shares of Virtusa by 244.4% in the fourth quarter. Portolan Capital Management LLC now owns 241,021 shares of the information technology services provider’s stock valued at $10,265,000 after buying an additional 171,034 shares during the period. Finally, Monarch Partners Asset Management LLC bought a new stake in shares of Virtusa in the fourth quarter valued at $6,792,000. Institutional investors and hedge funds own 88.28% of the company’s stock.

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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