$236.09 Million in Sales Expected for Virtusa Corporation (VRTU) This Quarter
Equities analysts predict that Virtusa Corporation (NASDAQ:VRTU) will announce sales of $236.09 million for the current quarter, Zacks reports. Five analysts have provided estimates for Virtusa Corporation’s earnings, with the highest sales estimate coming in at $239.18 million and the lowest estimate coming in at $226.90 million. Virtusa Corporation posted sales of $210.09 million in the same quarter last year, which would indicate a positive year over year growth rate of 12.4%. The firm is scheduled to report its next quarterly earnings report on Wednesday, November 8th.
According to Zacks, analysts expect that Virtusa Corporation will report full-year sales of $236.09 million for the current year, with estimates ranging from $925.05 million to $954.90 million. For the next year, analysts anticipate that the firm will report sales of $1.03 billion per share, with estimates ranging from $1.00 billion to $1.04 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Virtusa Corporation.
Virtusa Corporation (NASDAQ:VRTU) last released its quarterly earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.09. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The business had revenue of $227.30 million for the quarter, compared to analysts’ expectations of $224.46 million. During the same period last year, the business earned $0.18 EPS. The company’s revenue was up 10.6% compared to the same quarter last year.
A number of analysts recently weighed in on VRTU shares. ValuEngine upgraded shares of Virtusa Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub lowered shares of Virtusa Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Zacks Investment Research upgraded 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. Cowen and Company restated a “buy” rating and set a $36.00 target price on shares of Virtusa Corporation in a research note on Friday, July 28th. Finally, Maxim Group restated a “hold” rating on shares of Virtusa Corporation in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $37.00.
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Shares of Virtusa Corporation (VRTU) opened at 37.81 on Friday. The stock has a 50 day moving average of $36.28 and a 200-day moving average of $31.94. Virtusa Corporation has a 12-month low of $18.03 and a 12-month high of $38.31. The company has a market capitalization of $1.11 billion, a PE ratio of 54.72 and a beta of 1.67.
In other Virtusa Corporation news, CEO Kris A. Canekeratne sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.63, for a total value of $403,560.00. Following the transaction, the chief executive officer now directly owns 587,920 shares in the company, valued at $19,771,749.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Raj Rajgopal sold 27,526 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were 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 owns 122,708 shares in the company, valued at $4,265,330.08. The disclosure for this sale can be found here. Insiders sold 121,852 shares of company stock worth $4,379,223 over the last quarter. 5.96% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in VRTU. BlackRock Inc. increased its stake 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 valued at $100,993,000 after purchasing an additional 3,339,191 shares during the last quarter. Morgan Stanley increased its stake in Virtusa Corporation by 548.1% in the first quarter. Morgan Stanley now owns 560,515 shares of the information technology services provider’s stock valued at $16,938,000 after purchasing an additional 474,032 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Virtusa Corporation by 24.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,880,104 shares of the information technology services provider’s stock valued at $55,276,000 after purchasing an additional 374,317 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in Virtusa Corporation in the second quarter valued at approximately $6,899,000. Finally, Wellington Management Group LLP purchased a new position in Virtusa Corporation in the first quarter valued at approximately $7,003,000. Institutional investors own 92.06% of the company’s stock.
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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