Virtusa Corp. (VRTU) Raised to Hold at Zacks Investment Research
Virtusa Corp. (NASDAQ:VRTU) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.
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. “
Several other equities research analysts have also recently weighed in on VRTU. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $40.00 price target on shares of Virtusa Corp. in a research note on Wednesday, June 29th. Maxim Group reaffirmed a “buy” rating and issued a $42.00 price target (down from $46.00) on shares of Virtusa Corp. in a research note on Wednesday, June 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 price target (down from $45.00) on shares of Virtusa Corp. in a research note on Thursday, August 11th. TheStreet cut Virtusa Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Finally, Wedbush assumed coverage on Virtusa Corp. in a research note on Thursday, September 8th. They issued a “neutral” rating and a $29.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Virtusa Corp. currently has an average rating of “Buy” and a consensus price target of $38.22.
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Shares of Virtusa Corp. (NASDAQ:VRTU) traded down 0.04% during mid-day trading on Wednesday, hitting $22.62. 8,709 shares of the stock traded hands. The firm’s 50-day moving average is $24.67 and its 200-day moving average is $30.07. Virtusa Corp. has a 52 week low of $20.74 and a 52 week high of $59.40. The stock has a market cap of $675.64 million, a price-to-earnings ratio of 23.86 and a beta of 1.42.
Virtusa Corp. (NASDAQ:VRTU) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The company had revenue of $205.50 million for the quarter, compared to analysts’ expectations of $203.82 million. Virtusa Corp. had a return on equity of 7.38% and a net margin of 4.24%. The firm’s revenue for the quarter was up 52.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. On average, analysts forecast that Virtusa Corp. will post $1.63 earnings per share for the current year.
In other news, Director Ronald T. Maheu sold 3,423 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $26.25, for a total transaction of $89,853.75. Following the transaction, 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 SEC, which is available at the SEC website. Also, CEO Kris A. Canekeratne sold 24,000 shares of the company’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $26.01, for a total value of $624,240.00. Following the transaction, 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 hedge funds and other institutional investors have recently made changes to their positions in VRTU. PineBridge Investments L.P. increased its position 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 position in 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 in the last quarter. Mason Street Advisors LLC purchased a new position in Virtusa Corp. during the second quarter worth $154,000. Fifth Third Bancorp increased its position in 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 in the last quarter. Finally, JPMorgan Chase & Co. purchased a new position in Virtusa Corp. during the second quarter worth $180,000. 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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