Virtusa Corporation (VRTU) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Virtusa Corporation (NASDAQ:VRTU) from a sell rating to a hold rating in a report published on Wednesday.
According to Zacks, “Virtusa Corporation is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment. The company also provides technology implementation services, such as application development, software product engineering. In addition, it offers application outsourcing services, such as the application maintenance and support, maintenance and enhancement of applications, and cloud-environment management and support; managed infrastructure services, and remote application monitoring and support; Virtusa delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing, and maintenance, including infrastructure support. The company was formerly known as eRunway, Inc. and changed its name to Virtusa Corporation. “
A number of other brokerages also recently weighed in on VRTU. Barrington Research lifted their target price on shares of Virtusa Corporation to $52.00 and gave the stock an outperform rating in a research note on Thursday, November 9th. TheStreet raised shares of Virtusa Corporation from a c rating to a b- rating in a research note on Wednesday, November 8th. SunTrust Banks, Inc. reissued a buy rating and set a $52.00 target price on shares of Virtusa Corporation in a research note on Friday, November 10th. Maxim Group raised shares of Virtusa Corporation from a hold rating to a buy rating and set a $51.00 target price for the company in a research note on Wednesday, November 8th. Finally, Cowen and Company reissued a buy rating and set a $37.00 target price on shares of Virtusa Corporation in a research note on Thursday, October 12th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $45.00.
Virtusa Corporation (VRTU) opened at $46.74 on Wednesday. The company has a market cap of $1,340.00, a price-to-earnings ratio of 52.40, a PEG ratio of 2.22 and a beta of 1.66. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.03 and a current ratio of 4.03. Virtusa Corporation has a fifty-two week low of $19.50 and a fifty-two week high of $48.15.
Virtusa Corporation (NASDAQ:VRTU) last announced its earnings results on Wednesday, November 8th. The information technology services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Virtusa Corporation had a net margin of 2.54% and a return on equity of 4.86%. The business had revenue of $248.20 million during the quarter, compared to the consensus estimate of $237.48 million. During the same quarter last year, the firm earned $0.27 earnings per share. Virtusa Corporation’s quarterly revenue was up 18.1% on a year-over-year basis. research analysts forecast that Virtusa Corporation will post 1.04 EPS for the current year.
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In other news, Director Trust Martin sold 3,080 shares of the business’s 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 of the company’s stock, valued at $807,553.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kris A. Canekeratne sold 10,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $36.07, for a total transaction of $360,700.00. Following the sale, the chief executive officer now directly owns 595,491 shares of the company’s stock, valued at $21,479,360.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 106,351 shares of company stock valued at $4,211,925. Insiders own 5.96% of the company’s stock.
Several large investors have recently bought and sold shares of VRTU. BlackRock Inc. increased its position in shares of Virtusa Corporation by 120,287.9% during the first quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock worth $100,993,000 after acquiring an additional 3,339,191 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Virtusa Corporation by 24.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,880,104 shares of the information technology services provider’s stock worth $55,276,000 after acquiring an additional 374,317 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in shares of Virtusa Corporation during the third quarter worth about $9,115,000. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Virtusa Corporation during the second quarter worth about $6,899,000. Finally, Frontier Capital Management Co. LLC boosted its holdings in Virtusa Corporation by 23.7% during the second quarter. Frontier Capital Management Co. LLC now owns 1,062,888 shares of the information technology services provider’s stock worth $31,249,000 after purchasing an additional 203,703 shares during the last quarter. 91.76% of the stock is owned by institutional investors.
About Virtusa Corporation
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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