Virtusa Corporation (VRTU) Lifted to Hold at Zacks Investment Research
Virtusa Corporation (NASDAQ:VRTU) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Virtusa Corporation is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, and media & entertainment. The company also provides technology implementation services, such as application development, software product engineering. In addition, it offers application outsourcing services, such as the application maintenance and support, maintenance and enhancement of applications, and cloud-environment management and support; managed infrastructure services, and remote application monitoring and support; Virtusa delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing, and maintenance, including infrastructure support. The company was formerly known as eRunway, Inc. and changed its name to Virtusa Corporation. “
Several other brokerages also recently weighed in on VRTU. SunTrust Banks, Inc. reissued a “buy” rating and issued a $52.00 price target on shares of Virtusa Corporation in a report on Friday, November 10th. TheStreet upgraded Virtusa Corporation from a “c” rating to a “b-” rating in a research report on Wednesday, November 8th. Barrington Research boosted their price objective on Virtusa Corporation to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Maxim Group raised Virtusa Corporation from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Wednesday, November 8th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price target on shares of Virtusa Corporation in a research note on Sunday, November 5th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $43.50.
Virtusa Corporation (NASDAQ:VRTU) last released its quarterly earnings results on Wednesday, November 8th. The information technology services provider reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.11. The company had revenue of $248.20 million for the quarter, compared to analyst estimates of $237.48 million. Virtusa Corporation had a return on equity of 4.86% and a net margin of 2.54%. Virtusa Corporation’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. equities analysts expect that Virtusa Corporation will post 1.04 EPS for the current fiscal year.
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In other Virtusa Corporation news, Director Robert E. Davoli sold 2,941 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $35.39, for a total transaction of $104,081.99. Following the completion of the sale, the director now directly owns 14,442 shares of the company’s stock, valued at approximately $511,102.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Trust Martin sold 3,080 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $35.55, for a total value of $109,494.00. Following the sale, the director now directly owns 22,716 shares of the company’s stock, valued at $807,553.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,351 shares of company stock valued at $3,659,445. Insiders own 5.96% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley boosted its holdings in Virtusa Corporation by 1,278.8% in the fourth quarter. Morgan Stanley now owns 129,480 shares of the information technology services provider’s stock valued at $5,353,000 after acquiring an additional 120,089 shares during the last quarter. BlackRock Inc. increased its holdings 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 buying an additional 3,339,191 shares during the last quarter. P.A.W. Capital Corp increased its holdings in Virtusa Corporation by 170.3% in the third quarter. P.A.W. Capital Corp now owns 250,000 shares of the information technology services provider’s stock valued at $6,170,000 after buying an additional 157,500 shares during the last quarter. Citadel Advisors LLC increased its holdings in Virtusa Corporation by 701.5% in the third quarter. Citadel Advisors LLC now owns 118,191 shares of the information technology services provider’s stock valued at $2,917,000 after buying an additional 103,445 shares during the last quarter. Finally, Summit Creek Advisors LLC boosted its stake in Virtusa Corporation by 25.9% in the third quarter. Summit Creek Advisors LLC now owns 497,579 shares of the information technology services provider’s stock valued at $12,280,000 after acquiring an additional 102,285 shares during the period. 91.76% of the stock is owned by institutional investors.
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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