Virtusa Corporation (NASDAQ:VRTU) announced its earnings results on Tuesday. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.02, MarketWatch Earnings reports. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The firm had revenue of $227.30 million during the quarter, compared to analyst estimates of $224.46 million. During the same period in the prior year, the business posted $0.18 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Virtusa Corporation updated its Q2 guidance to $0.32-0.38 EPS and its FY18 guidance to $1.45-1.63 EPS.

Virtusa Corporation (VRTU) opened at 31.88 on Tuesday. The firm’s 50 day moving average price is $31.05 and its 200 day moving average price is $29.66. Virtusa Corporation has a 52-week low of $18.03 and a 52-week high of $34.92. The firm has a market cap of $960.19 million, a price-to-earnings ratio of 81.74 and a beta of 1.71.

Virtusa Corporation declared that its board has authorized a stock buyback program on Wednesday, May 3rd that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

A number of brokerages recently issued reports on VRTU. ValuEngine raised Virtusa Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Cowen and Company reissued a “buy” rating and issued a $36.00 target price on shares of Virtusa Corporation in a research report on Friday, July 28th. BidaskClub raised Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Barrington Research set a $35.00 target price on Virtusa Corporation and gave the company a “buy” rating in a research report on Thursday, May 25th. Finally, Zacks Investment Research raised Virtusa Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Virtusa Corporation currently has a consensus rating of “Buy” and an average target price of $34.38.

In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $28.00, for a total value of $836,444.00. Following the transaction, the executive vice president now owns 45,716 shares in the company, valued at $1,280,048. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Roger Keith Modder sold 24,242 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $29.10, for a total value of $705,442.20. Following the completion of the transaction, the chief operating officer now owns 191,423 shares in the company, valued at approximately $5,570,409.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,115 shares of company stock worth $4,818,066. Corporate insiders own 5.96% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in Virtusa Corporation by 120,287.9% in the first quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock worth $100,993,000 after buying an additional 3,339,191 shares in the last quarter. Vanguard Group Inc. raised its position in Virtusa Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 1,954,497 shares of the information technology services provider’s stock worth $59,065,000 after buying an additional 102,682 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Virtusa Corporation by 10.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,505,787 shares of the information technology services provider’s stock worth $45,504,000 after buying an additional 140,598 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in Virtusa Corporation by 23.7% in 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 buying an additional 203,703 shares in the last quarter. Finally, State Street Corp raised its position in Virtusa Corporation by 5.2% in the first quarter. State Street Corp now owns 646,579 shares of the information technology services provider’s stock worth $19,539,000 after buying an additional 32,045 shares in the last quarter. Institutional investors and hedge funds own 84.49% of the company’s stock.

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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.

Earnings History for Virtusa Corporation (NASDAQ:VRTU)

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