Zacks Investment Research upgraded shares of Virtusa (NASDAQ:VRTU) from a hold rating to a buy rating in a report published on Saturday morning. They currently have $52.00 price objective on the information technology services provider’s stock.
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. “
VRTU has been the topic of a number of other reports. BidaskClub cut Virtusa from a buy rating to a hold rating in a research note on Wednesday. Barrington Research lifted their price target on Virtusa to $52.00 and gave the stock an outperform rating in a research note on Thursday, November 9th. SunTrust Banks reaffirmed a buy rating and issued a $52.00 price target on shares of Virtusa in a research note on Friday, November 10th. Cantor Fitzgerald reaffirmed a buy rating and issued a $37.00 price target on shares of Virtusa in a research note on Sunday, November 5th. Finally, Cowen reaffirmed a buy rating and issued a $37.00 price target on shares of Virtusa in a research note on Thursday, October 12th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $49.25.
Shares of Virtusa (NASDAQ VRTU) traded down $1.17 during trading on Friday, reaching $45.77. The company’s stock had a trading volume of 184,023 shares, compared to its average volume of 172,415. The company has a quick ratio of 4.03, a current ratio of 4.03 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1,344.04, a PE ratio of 64.46, a P/E/G ratio of 2.20 and a beta of 1.72. Virtusa has a 1-year low of $24.84 and a 1-year high of $48.71.
Virtusa (NASDAQ:VRTU) last announced its quarterly earnings results on Wednesday, November 8th. The information technology services provider reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.11. The business had revenue of $248.20 million for the quarter, compared to analysts’ expectations of $237.48 million. Virtusa had a return on equity of 4.86% and a net margin of 2.54%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. sell-side analysts forecast that Virtusa will post 1.04 earnings per share for the current year.
In other news, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $46.12, for a total transaction of $553,440.00. Following the transaction, the chief executive officer now directly owns 553,491 shares of the company’s stock, valued at $25,527,004.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kris A. Canekeratne sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $45.06, for a total value of $450,600.00. Following the transaction, the chief executive officer now directly owns 571,491 shares in the company, valued at $25,751,384.46. The disclosure for this sale can be found here. Insiders have sold 77,580 shares of company stock worth $3,523,204 over the last three months. Insiders own 5.96% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Citigroup Inc. increased its stake in shares of Virtusa by 14.4% during the second quarter. Citigroup Inc. now owns 29,400 shares of the information technology services provider’s stock valued at $864,000 after buying an additional 3,711 shares during the period. Vanguard Group Inc. grew its stake in Virtusa by 6.1% in the second quarter. Vanguard Group Inc. now owns 2,073,630 shares of the information technology services provider’s stock worth $60,964,000 after purchasing an additional 119,133 shares during the period. State Street Corp grew its stake in Virtusa by 4.0% in the second quarter. State Street Corp now owns 672,462 shares of the information technology services provider’s stock worth $19,774,000 after purchasing an additional 25,883 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Virtusa by 4.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 928,500 shares of the information technology services provider’s stock worth $35,078,000 after purchasing an additional 40,850 shares during the period. Finally, Peregrine Capital Management LLC purchased a new stake in Virtusa in the third quarter worth $9,115,000. 88.00% of the stock is currently owned by hedge funds and other institutional investors.
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Virtusa 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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