Virtusa Corp. (VRTU) Stock Rating Upgraded by 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 note issued to investors 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. “
VRTU has been the topic of a number of other research reports. Cantor Fitzgerald reissued a “buy” rating and issued a $40.00 price objective on shares of Virtusa Corp. in a report on Wednesday, June 29th. Maxim Group reissued a “buy” rating and issued a $42.00 price objective (down previously from $46.00) on shares of Virtusa Corp. in a report on Wednesday, June 29th. Wedbush began coverage on shares of Virtusa Corp. in a report on Thursday, September 8th. They issued a “neutral” rating and a $29.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $32.00 price objective (down previously from $45.00) on shares of Virtusa Corp. in a report on Thursday, August 11th. Finally, TheStreet downgraded shares of Virtusa Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $38.22.
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Shares of Virtusa Corp. (NASDAQ:VRTU) traded down 1.02% during trading on Wednesday, hitting $22.40. 123,768 shares of the stock were exchanged. The stock has a market cap of $669.07 million, a PE ratio of 23.63 and a beta of 1.42. The firm has a 50 day moving average of $24.67 and a 200-day moving average of $30.07. Virtusa Corp. has a 52-week low of $20.74 and a 52-week high of $59.40.
Virtusa Corp. (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Virtusa Corp. had a net margin of 4.24% and a return on equity of 7.38%. The firm earned $205.50 million during the quarter, compared to analyst estimates of $203.82 million. During the same period in the previous year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 52.4% on a year-over-year basis. Equities research analysts anticipate that Virtusa Corp. will post $1.63 earnings per share for the current fiscal 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 value of $89,853.75. Following the transaction, the director now owns 40,533 shares of the company’s stock, valued at $1,063,991.25. The transaction was disclosed in a legal 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 stock was sold at an average price of $26.01, for a total transaction of $624,240.00. Following the completion of the transaction, the chief executive officer now directly owns 826,133 shares in the company, valued at approximately $21,487,719.33. The disclosure for this sale can be found here. Company insiders own 9.92% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. PineBridge Investments L.P. increased its position in Virtusa Corp. by 4.2% in the second quarter. PineBridge Investments L.P. now owns 3,454 shares of the company’s stock valued at $100,000 after buying an additional 139 shares during the period. 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 valued at $114,000 after buying an additional 482 shares during the period. Mason Street Advisors LLC bought a new position in Virtusa Corp. during the second quarter valued at approximately $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 valued at $159,000 after buying an additional 1,998 shares during the period. Finally, JPMorgan Chase & Co. bought a new position in Virtusa Corp. during the second quarter valued at approximately $180,000. 85.76% of the stock is currently owned by hedge funds and other institutional investors.
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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