Virtusa Corporation (NASDAQ:VRTU) Updates FY18 Earnings Guidance
Virtusa Corporation (NASDAQ:VRTU) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.45-1.63 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.54. The company issued revenue guidance of $940-960 million, compared to the consensus revenue estimate of $935.37 million.Virtusa Corporation also updated its Q2 guidance to $0.32-0.38 EPS.
Shares of Virtusa Corporation (NASDAQ VRTU) opened at 31.88 on Tuesday. Virtusa Corporation has a 52 week low of $18.03 and a 52 week high of $34.92. The stock has a market cap of $960.19 million, a PE ratio of 81.74 and a beta of 1.71. The firm has a 50-day moving average of $31.05 and a 200 day moving average of $29.66.
Virtusa Corporation (NASDAQ:VRTU) last announced its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The company had revenue of $227.30 million during the quarter, compared to analyst estimates of $224.46 million. During the same quarter last year, the business earned $0.18 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Virtusa Corporation will post $1.54 EPS for the current fiscal year.
Virtusa Corporation declared that its board has authorized a share repurchase program on Wednesday, May 3rd that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
A number of equities analysts recently weighed in on VRTU shares. Cowen and Company restated a buy rating and set a $36.00 price target on shares of Virtusa Corporation in a research report on Friday, July 28th. Barrington Research set a $35.00 target price on shares of Virtusa Corporation and gave the stock a buy rating in a research note on Thursday, May 25th. SunTrust Banks, Inc. set a $32.00 target price on shares of Virtusa Corporation and gave the stock a buy rating in a research note on Friday, May 19th. Zacks Investment Research raised shares of Virtusa Corporation from a hold rating to a buy rating and set a $36.00 target price on the stock in a research note on Wednesday, July 19th. Finally, BidaskClub raised shares of Virtusa Corporation from a hold rating to a buy rating in a research note on Sunday, July 16th. Three 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 company’s stock. The company presently has an average rating of Buy and a consensus target price of $34.38.
In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $28.00, for a total transaction of $836,444.00. Following the completion of the transaction, the executive vice president now owns 45,716 shares in the company, valued at approximately $1,280,048. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kris A. Canekeratne sold 74,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $28.76, for a total transaction of $2,128,240.00. Following the transaction, the chief executive officer now owns 780,315 shares of the company’s stock, valued at approximately $22,441,859.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,115 shares of company stock worth $4,818,066. 5.96% of the stock is owned by insiders.
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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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