Virtusa (NASDAQ:VRTU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $52.00 target price on the information technology services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.61% from the stock’s current price.
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 lowered Virtusa from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 30th. Cantor Fitzgerald restated a “buy” rating and issued a $37.00 target price on shares of Virtusa in a research note on Sunday, November 5th. Cowen restated a “buy” rating and issued a $37.00 target price on shares of Virtusa in a research note on Thursday, October 12th. Maxim Group upgraded Virtusa from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Wednesday, November 8th. Finally, Barrington Research upped their target price on Virtusa to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $49.25.
Shares of Virtusa (NASDAQ:VRTU) traded down $1.17 during mid-day trading on Friday, hitting $45.77. The stock had a trading volume of 184,023 shares, compared to its average volume of 180,997. 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 firm has a market capitalization of $1,340.00, a price-to-earnings ratio of 64.46, a PEG ratio of 2.26 and a beta of 1.72. Virtusa has a fifty-two week low of $24.84 and a fifty-two week high of $48.71.
Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data on Wednesday, November 8th. The information technology services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. The business had revenue of $248.20 million for the quarter, compared to analyst estimates of $237.48 million. Virtusa had a return on equity of 4.86% and a net margin of 2.54%. The company’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 earnings per share. equities analysts expect that Virtusa will post 1.04 earnings per share for the current year.
In other Virtusa news, CEO Kris A. Canekeratne sold 12,000 shares of the 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 owns 553,491 shares in the company, valued at $25,527,004.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Raj Rajgopal sold 14,025 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $45.02, for a total value of $631,405.50. Following the transaction, the insider now owns 108,576 shares in the company, valued at approximately $4,888,091.52. The disclosure for this sale can be found here. Insiders sold 77,580 shares of company stock worth $3,523,204 in the last 90 days. Company insiders own 5.96% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Citigroup Inc. boosted its position in Virtusa by 14.4% during the second quarter. Citigroup Inc. now owns 29,400 shares of the information technology services provider’s stock worth $864,000 after purchasing an additional 3,711 shares in the last quarter. Vanguard Group Inc. boosted its position in Virtusa by 6.1% during 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 in the last quarter. State Street Corp boosted its position in Virtusa by 4.0% during 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 in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Virtusa by 4.6% during 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 in the last quarter. Finally, Peregrine Capital Management LLC purchased a new position in Virtusa during the third quarter worth approximately $9,115,000. Institutional investors own 88.00% of the company’s stock.
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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