Virtusa Corp. (VRTU) Price Target Cut to $26.00
Virtusa Corp. (NASDAQ:VRTU) had its price objective reduced by equities researchers at Maxim Group from $36.00 to $26.00 in a report released on Thursday. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price objective indicates a potential upside of 30.26% from the company’s previous close.
Other analysts have also issued reports about the company. Cantor Fitzgerald set a $28.00 price objective on Virtusa Corp. and gave the company a “buy” rating in a research note on Sunday, September 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 price objective (down from $45.00) on shares of Virtusa Corp. in a research note on Thursday, August 11th. TheStreet lowered Virtusa Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Zacks Investment Research raised Virtusa Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Finally, Wedbush began coverage on Virtusa Corp. in a research report on Thursday, September 8th. They issued a “neutral” rating and a $29.00 target price for the company. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $36.00.
Virtusa Corp. (NASDAQ:VRTU) opened at 19.96 on Thursday. The company has a 50 day moving average price of $21.57 and a 200 day moving average price of $27.46. The firm has a market capitalization of $591.14 million, a price-to-earnings ratio of 29.05 and a beta of 1.38. Virtusa Corp. has a 12 month low of $18.03 and a 12 month high of $52.04.
Virtusa Corp. (NASDAQ:VRTU) last released its quarterly earnings data on Wednesday, November 9th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.01. The business earned $164.80 million during the quarter, compared to analyst estimates of $209.43 million. Virtusa Corp. had a net margin of 2.79% and a return on equity of 5.34%. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. During the same period last year, the business earned $0.50 earnings per share. Analysts anticipate that Virtusa Corp. will post $1.44 earnings per share for the current fiscal year.
In other news, Director Ronald T. Maheu sold 3,423 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $26.25, for a total transaction of $89,853.75. Following the completion of the transaction, the director now directly owns 40,533 shares in the company, valued at $1,063,991.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kris A. Canekeratne sold 24,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, 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 institutional investors have recently modified their holdings of the company. PineBridge Investments L.P. increased 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 last quarter. Teacher Retirement System of Texas increased 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 last quarter. Municipal Employees Retirement System of Michigan increased 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 last quarter. Mason Street Advisors LLC acquired a new stake in shares of Virtusa Corp. during the second quarter worth $154,000. Finally, Fifth Third Bancorp increased 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 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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