Zacks Investment Research Lowers Virtusa Corporation (VRTU) to Sell
Virtusa Corporation (NASDAQ:VRTU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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. “
Other analysts have also recently issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $38.00 target price on shares of Virtusa Corporation in a report on Thursday, August 10th. Barrington Research set a $35.00 target price on shares of Virtusa Corporation and gave the stock a “buy” rating in a report 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 report on Friday, May 19th. BidaskClub upgraded shares of Virtusa Corporation from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, Maxim Group restated a “hold” rating on shares of Virtusa Corporation in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $37.00.
Virtusa Corporation (NASDAQ:VRTU) opened at 35.69 on Thursday. Virtusa Corporation has a one year low of $18.03 and a one year high of $37.66. The firm has a market capitalization of $1.04 billion, a P/E ratio of 51.65 and a beta of 1.67. The firm has a 50-day moving average price of $35.01 and a 200 day moving average price of $31.34.
Virtusa Corporation (NASDAQ:VRTU) last issued its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.09. The firm had revenue of $227.30 million during the quarter, compared to analysts’ expectations of $224.46 million. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. Equities research analysts anticipate that Virtusa Corporation will post $1.55 earnings per share for the current year.
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In related news, CEO Kris A. Canekeratne sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $36.89, for a total value of $221,340.00. Following the completion of the transaction, the chief executive officer now owns 604,186 shares of the company’s stock, valued at approximately $22,288,421.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Raj Rajgopal sold 27,526 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $34.76, for a total transaction of $956,803.76. Following the completion of the transaction, the insider now directly owns 122,708 shares of the company’s stock, valued at approximately $4,265,330.08. The disclosure for this sale can be found here. Insiders sold a total of 83,827 shares of company stock valued at $2,953,885 in the last ninety days. Company insiders own 5.96% of the company’s stock.
Large investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Virtusa Corporation by 120,287.9% during the 1st quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock valued at $100,993,000 after buying an additional 3,339,191 shares during the period. CNA Financial Corp boosted its stake in shares of Virtusa Corporation by 91.9% during the 1st quarter. CNA Financial Corp now owns 16,933 shares of the information technology services provider’s stock valued at $512,000 after buying an additional 8,108 shares during the period. Morgan Stanley boosted its stake in shares of Virtusa Corporation by 548.1% during the 1st quarter. Morgan Stanley now owns 560,515 shares of the information technology services provider’s stock valued at $16,938,000 after buying an additional 474,032 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Virtusa Corporation by 5.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 213,010 shares of the information technology services provider’s stock valued at $6,263,000 after buying an additional 10,220 shares during the period. Finally, Unterberg Capital LLC acquired a new stake in shares of Virtusa Corporation during the 2nd quarter valued at $2,940,000. 92.17% of the stock is owned by 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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