Virtusa Corp. (VRTU) Upgraded to Hold at Zacks Investment Research
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. “
Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald set a $28.00 price target on Virtusa Corp. and gave the stock a buy rating in a research report on Sunday, September 11th. Maxim Group reduced their price target on Virtusa Corp. from $42.00 to $38.00 and set a buy rating for the company in a research report on Tuesday, August 9th. Needham & Company LLC reaffirmed a buy rating and set a $32.00 price target (down previously from $45.00) on shares of Virtusa Corp. in a research report on Thursday, August 11th. TheStreet downgraded Virtusa Corp. from a buy rating to a hold rating in a research report on Monday, August 15th. Finally, Wedbush assumed coverage on Virtusa Corp. in a research report on Thursday, September 8th. They set a neutral rating and a $29.00 price target for the company. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $38.22.
Shares of Virtusa Corp. (NASDAQ:VRTU) traded down 1.29% during trading on Wednesday, reaching $22.11. 17,370 shares of the company were exchanged. The company has a 50 day moving average price of $24.66 and a 200-day moving average price of $30.01. The stock has a market capitalization of $660.40 million, a price-to-earnings ratio of 23.32 and a beta of 1.42. Virtusa Corp. has a one year low of $20.74 and a one year high of $59.40.
Virtusa Corp. (NASDAQ:VRTU) last posted its earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Virtusa Corp. had a return on equity of 7.38% and a net margin of 4.24%. The business earned $205.50 million during the quarter, compared to analysts’ expectations of $203.82 million. During the same period in the prior year, the business earned $0.48 EPS. Virtusa Corp.’s revenue for the quarter was up 52.4% compared to the same quarter last year. Equities analysts predict that Virtusa Corp. will post $1.63 EPS for the current year.
In related news, CEO Kris A. Canekeratne sold 24,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $26.01, for a total value of $624,240.00. Following the transaction, the chief executive officer now owns 826,133 shares in the company, valued at $21,487,719.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald T. Maheu sold 3,423 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $26.25, for a total value of $89,853.75. Following the completion of the transaction, the director now owns 40,533 shares in the company, valued at approximately $1,063,991.25. The disclosure for this sale can be found here. 9.92% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC boosted its position 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 during the last quarter. Waddell & Reed Financial Inc. boosted its position 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 during the last quarter. Alliancebernstein L.P. boosted its position in shares of Virtusa Corp. by 979.0% in the second quarter. Alliancebernstein L.P. now owns 452,663 shares of the company’s stock worth $13,073,000 after buying an additional 410,710 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Virtusa Corp. during the second quarter worth approximately $7,916,000. Finally, Bank of Montreal Can bought a new position in shares of Virtusa Corp. during the second quarter worth approximately $5,716,000. 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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