Virtusa (VRTU) Downgraded by Zacks Investment Research

Virtusa (NASDAQ:VRTU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

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 equities research analysts also recently issued reports on VRTU. BidaskClub upgraded shares of Virtusa from a “hold” rating to a “buy” rating in a research note on Saturday. TheStreet upgraded shares of Virtusa from a “c” rating to a “b-” rating in a research note on Wednesday, November 8th. SunTrust Banks reiterated a “buy” rating and issued a $52.00 target price on shares of Virtusa in a research note on Friday, November 10th. Maxim Group upgraded shares of Virtusa from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Wednesday, November 8th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $37.00 target price on shares of Virtusa in a research note on Sunday, November 5th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Virtusa has an average rating of “Buy” and a consensus target price of $49.25.

Virtusa (NASDAQ:VRTU) opened at $48.01 on Friday. Virtusa has a one year low of $24.84 and a one year high of $48.71. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.03 and a current ratio of 4.03. The company has a market cap of $1,409.81, a PE ratio of 54.56, a PEG ratio of 2.31 and a beta of 1.72.

Virtusa (NASDAQ:VRTU) last issued its earnings results on Wednesday, November 8th. The information technology services provider reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.11. Virtusa had a net margin of 2.54% and a return on equity of 4.86%. The business had revenue of $248.20 million during the quarter, compared to the consensus estimate of $237.48 million. During the same period last year, the business posted $0.27 EPS. Virtusa’s revenue was up 18.1% on a year-over-year basis. research analysts anticipate that Virtusa will post 1.04 earnings per share for the current year.

In other Virtusa news, Director Robert E. Davoli sold 1,505 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $45.31, for a total transaction of $68,191.55. Following the completion of the sale, the director now directly owns 9,996 shares in the company, valued at $452,918.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kris A. Canekeratne sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $45.06, for a total transaction of $450,600.00. Following the sale, the chief executive officer now owns 571,491 shares of the company’s stock, valued at $25,751,384.46. The disclosure for this sale can be found here. Insiders have sold 89,580 shares of company stock valued at $4,095,604 over the last 90 days. Company insiders own 5.96% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Fox Run Management L.L.C. acquired a new stake in Virtusa during the fourth quarter worth approximately $576,000. Acadian Asset Management LLC acquired a new stake in Virtusa during the fourth quarter worth approximately $1,250,000. Schwab Charles Investment Management Inc. lifted its position in Virtusa by 6.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 134,348 shares of the information technology services provider’s stock worth $5,923,000 after acquiring an additional 8,185 shares during the last quarter. Bank of Montreal Can lifted its position in Virtusa by 5,546.1% during the fourth quarter. Bank of Montreal Can now owns 22,189 shares of the information technology services provider’s stock worth $978,000 after acquiring an additional 21,796 shares during the last quarter. Finally, Thomson Horstmann & Bryant Inc. lifted its position in Virtusa by 16.9% during the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 31,100 shares of the information technology services provider’s stock worth $1,370,000 after acquiring an additional 4,486 shares during the last quarter. Hedge funds and other institutional investors own 88.00% of the company’s stock.

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About Virtusa

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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