Zacks Investment Research Downgrades Virtusa Corporation (VRTU) to Sell
Virtusa Corporation (NASDAQ:VRTU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
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. “
VRTU has been the subject of several other reports. Cowen and Company reaffirmed a “buy” rating and issued a $36.00 target price on shares of Virtusa Corporation in a report on Friday, July 28th. BidaskClub raised Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 target price (up from $38.00) on shares of Virtusa Corporation in a report on Saturday, August 19th. SunTrust Banks, Inc. set a $32.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a research note on Friday, May 19th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $37.00 price objective on shares of Virtusa Corporation in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $37.00.
Virtusa Corporation (VRTU) opened at 35.06 on Thursday. The company’s 50-day moving average price is $35.14 and its 200 day moving average price is $31.43. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $37.66. The firm has a market capitalization of $1.03 billion, a PE ratio of 50.74 and a beta of 1.67.
Virtusa Corporation (NASDAQ:VRTU) last issued its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. The firm had revenue of $227.30 million during the quarter, compared to analyst estimates of $224.46 million. Virtusa Corporation had a return on equity of 4.26% and a net margin of 2.47%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. On average, equities research analysts predict that Virtusa Corporation will post $1.55 earnings per share for the current year.
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In other news, Director Trust Martin sold 3,080 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $35.55, for a total transaction of $109,494.00. Following the completion of the sale, the director now directly owns 22,716 shares in the company, valued at $807,553.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 6,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $36.68, for a total transaction of $220,080.00. Following the sale, the chief executive officer now owns 616,186 shares of the company’s stock, valued at $22,601,702.48. The disclosure for this sale can be found here. Insiders have sold 83,827 shares of company stock worth $2,953,885 over the last ninety days. Insiders own 5.96% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. US Bancorp DE boosted its holdings in shares of Virtusa Corporation by 10.3% during the second quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock worth $103,000 after purchasing an additional 327 shares during the period. SG Americas Securities LLC purchased a new stake in Virtusa Corporation in the second quarter worth about $120,000. State of Alaska Department of Revenue lifted its holdings in Virtusa Corporation by 79.9% in the second quarter. State of Alaska Department of Revenue now owns 5,470 shares of the information technology services provider’s stock worth $160,000 after buying an additional 2,430 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Virtusa Corporation by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock worth $186,000 after buying an additional 522 shares during the period. Finally, Mason Street Advisors LLC lifted its holdings in Virtusa Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 6,445 shares of the information technology services provider’s stock worth $195,000 after buying an additional 422 shares during the period. Institutional investors own 92.17% of the company’s stock.
Virtusa Corporation 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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