Wall Street brokerages expect that Virtusa Co. (NASDAQ:VRTU) will announce $317.38 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Virtusa’s earnings, with the highest sales estimate coming in at $318.03 million and the lowest estimate coming in at $317.00 million. Virtusa posted sales of $300.03 million in the same quarter last year, which suggests a positive year over year growth rate of 5.8%. The firm is scheduled to announce its next earnings report on Wednesday, August 14th.
On average, analysts expect that Virtusa will report full year sales of $1.37 billion for the current financial year, with estimates ranging from $1.36 billion to $1.38 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.53 billion, with estimates ranging from $1.52 billion to $1.55 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Virtusa.
Virtusa (NASDAQ:VRTU) last issued its quarterly earnings data on Wednesday, May 15th. The information technology services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.06). Virtusa had a return on equity of 11.81% and a net margin of 1.29%. The company had revenue of $327.60 million for the quarter, compared to analyst estimates of $330.91 million. During the same quarter in the prior year, the firm earned $0.55 earnings per share. The company’s revenue for the quarter was up 16.5% on a year-over-year basis.
VRTU has been the subject of several recent analyst reports. BidaskClub raised shares of Virtusa from a “hold” rating to a “buy” rating in a research note on Friday, March 15th. Zacks Investment Research raised shares of Virtusa from a “sell” rating to a “hold” rating in a research note on Thursday, February 14th. Barrington Research reaffirmed a “buy” rating and issued a $64.00 target price on shares of Virtusa in a research note on Friday, May 10th. Needham & Company LLC reissued a “strong-buy” rating and set a $60.00 price objective on shares of Virtusa in a research note on Thursday, May 16th. Finally, TheStreet cut shares of Virtusa from a “b-” rating to a “c+” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $56.83.
In related news, President Samir Dhir sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $54.99, for a total transaction of $219,960.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Doody purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were acquired at an average cost of $42.50 per share, with a total value of $212,500.00. Following the completion of the transaction, the director now owns 14,684 shares in the company, valued at approximately $624,070. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 57,500 shares of company stock valued at $3,145,575. 5.11% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund boosted its position in Virtusa by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,659 shares of the information technology services provider’s stock worth $570,000 after purchasing an additional 193 shares during the period. Macquarie Group Ltd. lifted its holdings in Virtusa by 50.0% in the 4th quarter. Macquarie Group Ltd. now owns 600 shares of the information technology services provider’s stock worth $26,000 after buying an additional 200 shares in the last quarter. THB Asset Management lifted its holdings in Virtusa by 0.9% in the 1st quarter. THB Asset Management now owns 28,960 shares of the information technology services provider’s stock worth $1,547,000 after buying an additional 246 shares in the last quarter. Piedmont Investment Advisors Inc. lifted its holdings in Virtusa by 4.0% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 6,565 shares of the information technology services provider’s stock worth $280,000 after buying an additional 250 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. lifted its holdings in Virtusa by 2.6% in the 1st quarter. Campbell Newman Asset Management Inc. now owns 10,078 shares of the information technology services provider’s stock worth $539,000 after buying an additional 251 shares in the last quarter. 87.73% of the stock is owned by hedge funds and other institutional investors.
VRTU stock opened at $43.90 on Thursday. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 1.08 and a beta of 1.23. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.71 and a quick ratio of 2.71. Virtusa has a one year low of $37.80 and a one year high of $58.60.
Virtusa Corporation provides digital engineering and information technology (IT) outsourcing services worldwide. The company offers business and IT consulting services, including advisory/target operating model, business process re-engineering/business management, transformational solution consulting, and business/technology alignment analysis; omni-channel digital strategy, experience design accelerated solution design, and employee engagement; and application portfolio rationalization, SDLC transformation, and BA competency transformation services.
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