Zacks: Brokerages Anticipate Virtusa Co. (NASDAQ:VRTU) Will Post Quarterly Sales of $327.20 Million

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Equities research analysts predict that Virtusa Co. (NASDAQ:VRTU) will announce $327.20 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Virtusa’s earnings. The highest sales estimate is $328.43 million and the lowest is $325.80 million. Virtusa posted sales of $305.52 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.1%. The business is expected to report its next quarterly earnings results on Thursday, November 14th.

On average, analysts expect that Virtusa will report full year sales of $1.34 billion for the current fiscal year, with estimates ranging from $1.33 billion to $1.35 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.46 billion, with estimates ranging from $1.45 billion to $1.47 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Virtusa.

Virtusa (NASDAQ:VRTU) last announced its earnings results on Thursday, August 8th. The information technology services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. The company had revenue of $319.00 million during the quarter, compared to analyst estimates of $317.59 million. Virtusa had a net margin of 2.23% and a return on equity of 11.67%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share.

Several analysts recently issued reports on VRTU shares. Wedbush restated an “outperform” rating and set a $60.00 target price (down from $70.00) on shares of Virtusa in a research report on Thursday, May 16th. TheStreet lowered shares of Virtusa from a “b-” rating to a “c+” rating in a research report on Wednesday, May 29th. Barrington Research reiterated an “outperform” rating and issued a $60.00 price target (down from $64.00) on shares of Virtusa in a research report on Monday, August 12th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $60.00 price target on shares of Virtusa in a research report on Thursday, May 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $56.00 price target (down from $62.00) on shares of Virtusa in a research report on Thursday, May 16th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $56.17.

In related news, Director Joseph Doody bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average price of $42.50 per share, for a total transaction of $212,500.00. Following the completion of the transaction, the director now owns 14,684 shares in the company, valued at $624,070. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kris A. Canekeratne sold 7,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $44.31, for a total transaction of $332,325.00. Following the transaction, the chief executive officer now owns 723,926 shares of the company’s stock, valued at approximately $32,077,161.06. The disclosure for this sale can be found here. Corporate insiders own 4.73% of the company’s stock.

Several large investors have recently modified their holdings of the stock. United Services Automobile Association boosted its position in shares of Virtusa by 6.4% during the second quarter. United Services Automobile Association now owns 115,335 shares of the information technology services provider’s stock worth $5,124,000 after acquiring an additional 6,900 shares during the last quarter. Hillcrest Asset Management LLC boosted its position in shares of Virtusa by 0.6% during the second quarter. Hillcrest Asset Management LLC now owns 283,241 shares of the information technology services provider’s stock worth $12,584,000 after acquiring an additional 1,700 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Virtusa during the second quarter worth $16,669,000. UBS Asset Management Americas Inc. boosted its position in shares of Virtusa by 7.4% during the second quarter. UBS Asset Management Americas Inc. now owns 22,652 shares of the information technology services provider’s stock worth $1,006,000 after acquiring an additional 1,555 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Virtusa by 94.1% during the second quarter. Cubist Systematic Strategies LLC now owns 7,362 shares of the information technology services provider’s stock worth $327,000 after acquiring an additional 3,569 shares during the last quarter. Hedge funds and other institutional investors own 87.65% of the company’s stock.

NASDAQ VRTU traded up $0.53 during trading hours on Tuesday, hitting $36.99. 382,498 shares of the company’s stock traded hands, compared to its average volume of 249,460. The business’s fifty day moving average price is $41.41 and its two-hundred day moving average price is $47.58. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.10 billion, a P/E ratio of 25.34, a P/E/G ratio of 1.05 and a beta of 1.16. Virtusa has a 52 week low of $31.99 and a 52 week high of $58.60.

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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