Zacks: Analysts Anticipate Virtusa Corporation (VRTU) to Post $0.16 EPS

Equities analysts forecast that Virtusa Corporation (NASDAQ:VRTU) will report earnings of $0.16 per share for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Virtusa Corporation’s earnings. The highest EPS estimate is $0.16 and the lowest is $0.15. Virtusa Corporation reported earnings per share of ($0.01) during the same quarter last year, which indicates a positive year over year growth rate of 1,700%. The company is scheduled to announce its next quarterly earnings results on Tuesday, August 8th.

According to Zacks, analysts expect that Virtusa Corporation will report full year earnings of $1.10 per share for the current year, with EPS estimates ranging from $1.08 to $1.12. For the next fiscal year, analysts forecast that the company will post earnings of $1.51 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Virtusa Corporation.

Virtusa Corporation (NASDAQ:VRTU) last announced its quarterly earnings data on Tuesday, May 16th. The information technology services provider reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.02. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The firm had revenue of $226 million during the quarter, compared to analyst estimates of $226.67 million. During the same period last year, the business posted $0.55 EPS. The company’s revenue was up 31.5% on a year-over-year basis.

A number of research firms recently weighed in on VRTU. BidaskClub raised Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Zacks Investment Research raised Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Wednesday, July 19th. ValuEngine raised Virtusa Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Barrington Research set a $35.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a research report on Thursday, May 25th. Finally, SunTrust Banks, Inc. set a $32.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a research report on Friday, May 19th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Virtusa Corporation has an average rating of “Buy” and an average price target of $34.63.

In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $28.00, for a total transaction of $836,444.00. Following the sale, the executive vice president now directly owns 45,716 shares in the company, valued at approximately $1,280,048. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 26,000 shares of the stock in a transaction on Monday, June 12th. The shares were sold at an average price of $28.63, for a total value of $744,380.00. Following the sale, the chief executive officer now owns 619,920 shares in the company, valued at $17,748,309.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 154,115 shares of company stock worth $4,414,506. Company insiders own 9.92% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of 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 in the last quarter. Morgan Stanley increased its stake in shares of 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 buying an additional 474,032 shares in the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Virtusa Corporation during the first quarter valued at approximately $7,699,000. Frontier Capital Management Co. LLC increased its stake in shares of Virtusa Corporation by 38.1% in the first quarter. Frontier Capital Management Co. LLC now owns 859,185 shares of the information technology services provider’s stock valued at $25,965,000 after buying an additional 237,129 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Virtusa Corporation during the first quarter valued at approximately $7,003,000. Institutional investors and hedge funds own 89.55% of the company’s stock.

Shares of Virtusa Corporation (VRTU) traded up 0.45% on Thursday, hitting $33.48. The company had a trading volume of 186,996 shares. Virtusa Corporation has a 52 week low of $18.03 and a 52 week high of $34.92. The stock has a market capitalization of $1.01 billion, a PE ratio of 85.85 and a beta of 1.69. The firm’s 50 day moving average price is $30.20 and its 200-day moving average price is $29.38.

Virtusa Corporation announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 3rd that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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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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Earnings History and Estimates for Virtusa Corporation (NASDAQ:VRTU)

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