Virtusa Corporation’s (NASDAQ:VRTU) Hold Rating Reaffirmed at Maxim Group
Virtusa Corporation (NASDAQ:VRTU)‘s stock had its “hold” rating reissued by stock analysts at Maxim Group in a research note issued on Tuesday.
A number of other research firms also recently weighed in on VRTU. Cowen and Company reissued a “buy” rating and set a $36.00 price target on shares of Virtusa Corporation in a research note on Friday, July 28th. BidaskClub raised shares of Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Wednesday, July 19th. ValuEngine raised shares of Virtusa Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, Barrington Research set a $35.00 price target on shares of Virtusa Corporation and gave the stock a “buy” rating in a research note on Thursday, May 25th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Virtusa Corporation has an average rating of “Buy” and a consensus price target of $34.38.
Shares of Virtusa Corporation (NASDAQ:VRTU) traded up 3.39% during mid-day trading on Tuesday, reaching $32.96. 299,631 shares of the company were exchanged. The firm has a 50-day moving average price of $31.05 and a 200 day moving average price of $29.66. The stock has a market capitalization of $992.72 million, a P/E ratio of 84.51 and a beta of 1.71. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $34.92.
Virtusa Corporation (NASDAQ:VRTU) last posted its quarterly earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.02. The business had revenue of $227.30 million for the quarter, compared to the consensus estimate of $224.46 million. Virtusa Corporation had a return on equity of 3.50% and a net margin of 1.38%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. Equities research analysts anticipate that Virtusa Corporation will post $1.54 EPS for the current fiscal year.
Virtusa Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 3rd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the information technology services provider to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the company’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 value of $836,444.00. Following the completion of the sale, the executive vice president now owns 45,716 shares of the company’s stock, valued at $1,280,048. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kris A. Canekeratne sold 26,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $28.63, for a total transaction of $744,380.00. Following the completion of the sale, the chief executive officer now directly owns 619,920 shares of the company’s stock, valued at approximately $17,748,309.60. The disclosure for this sale can be found here. Insiders sold 166,115 shares of company stock valued at $4,818,066 in the last ninety days. Insiders own 5.96% of the company’s stock.
A number of large investors have recently modified their holdings of VRTU. PineBridge Investments L.P. boosted its position in Virtusa Corporation by 4.2% in the second quarter. PineBridge Investments L.P. now owns 3,454 shares of the information technology services provider’s stock valued at $100,000 after buying an additional 139 shares during the period. US Bancorp DE boosted its position in Virtusa Corporation by 10.3% in the second quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock valued at $103,000 after buying an additional 327 shares during the period. Teacher Retirement System of Texas boosted its position in Virtusa Corporation by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 3,961 shares of the information technology services provider’s stock valued at $114,000 after buying an additional 482 shares during the period. SG Americas Securities LLC bought a new position in Virtusa Corporation during the second quarter valued at $120,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Virtusa Corporation by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,040 shares of the information technology services provider’s stock valued at $149,000 after buying an additional 100 shares during the period. 84.49% of the stock is owned by hedge funds and other 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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