Virtusa Corp. (VRTU) Given New $24.00 Price Target at Needham & Company LLC
Virtusa Corp. (NASDAQ:VRTU) had its price objective decreased by analysts at Needham & Company LLC from $32.00 to $24.00 in a research note issued on Thursday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 27.66% from the stock’s current price.
A number of other analysts have also issued reports on VRTU. Zacks Investment Research upgraded Virtusa Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 19th. Cantor Fitzgerald reiterated a “buy” rating and issued a $40.00 price target on shares of Virtusa Corp. in a report on Monday, August 8th. Maxim Group reduced their price objective on shares of Virtusa Corp. from $42.00 to $38.00 and set a “buy” rating for the company in a research note on Tuesday, August 9th. TheStreet downgraded shares of Virtusa Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Finally, Wedbush began coverage on shares of Virtusa Corp. in a research note on Thursday, September 8th. They issued a “neutral” rating and a $29.00 price objective for the company. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Virtusa Corp. presently has a consensus rating of “Buy” and an average target price of $36.00.
Virtusa Corp. (NASDAQ:VRTU) traded up 4.26% during trading on Thursday, hitting $19.60. The stock had a trading volume of 76,006 shares. The firm has a market cap of $585.43 million, a PE ratio of 20.68 and a beta of 1.38. Virtusa Corp. has a 52-week low of $18.03 and a 52-week high of $52.11. The company’s 50 day moving average is $21.86 and its 200 day moving average is $27.64.
Virtusa Corp. (NASDAQ:VRTU) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by $0.01. The firm earned $164.80 million during the quarter, compared to analysts’ expectations of $209.43 million. Virtusa Corp. had a net margin of 4.24% and a return on equity of 7.38%. The firm’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. Equities research analysts forecast that Virtusa Corp. will post $1.62 earnings per share for the current year.
In other news, Director Ronald T. Maheu sold 3,423 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $26.25, for a total transaction of $89,853.75. Following the sale, the director now directly owns 40,533 shares of the company’s stock, valued at $1,063,991.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kris A. Canekeratne sold 24,000 shares of the business’s 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 sale, the chief executive officer now directly owns 826,133 shares in the company, valued at $21,487,719.33. The disclosure for this sale can be found here. Insiders own 9.92% of the company’s stock.
Several large investors have recently made changes to their positions in VRTU. PineBridge Investments L.P. raised its stake in shares of Virtusa Corp. by 4.2% in the second quarter. PineBridge Investments L.P. now owns 3,454 shares of the company’s stock worth $100,000 after buying an additional 139 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Virtusa Corp. by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 3,961 shares of the company’s stock worth $114,000 after buying an additional 482 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in shares of Virtusa Corp. by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,040 shares of the company’s stock worth $149,000 after buying an additional 100 shares during the period. Mason Street Advisors LLC bought a new stake in shares of Virtusa Corp. during the second quarter worth $154,000. Finally, Fifth Third Bancorp raised its stake in shares of Virtusa Corp. by 57.1% in the second quarter. Fifth Third Bancorp now owns 5,499 shares of the company’s stock worth $159,000 after buying an additional 1,998 shares during the period. 85.76% of the stock is currently owned by hedge funds and other institutional investors.
Virtusa Corp. Company Profile
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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