Barrington Research reaffirmed their buy rating on shares of Virtusa (NASDAQ:VRTU) in a research report sent to investors on Friday. They currently have a $64.00 target price on the information technology services provider’s stock.
“We believe the company continues to gain share due to its relatively high exposure and strengths in digital solutions and legacy system m odernization services.”,” Barrington Research’s analyst wrote.
Several other research firms also recently weighed in on VRTU. Zacks Investment Research downgraded Virtusa from a buy rating to a hold rating in a research note on Tuesday, September 11th. ValuEngine downgraded Virtusa from a strong-buy rating to a buy rating in a research note on Thursday, November 1st. BidaskClub downgraded Virtusa from a buy rating to a hold rating in a research note on Thursday, September 20th. SunTrust Banks boosted their price target on Virtusa to $56.00 and gave the company a hold rating in a research note on Monday, August 13th. Finally, Wedbush boosted their price target on Virtusa from $60.00 to $70.00 and gave the company an outperform rating in a research note on Friday, August 31st. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Virtusa presently has an average rating of Buy and an average target price of $62.00.
Virtusa (NASDAQ:VRTU) last announced its earnings results on Thursday, November 8th. The information technology services provider reported $0.54 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.54. Virtusa had a positive return on equity of 7.38% and a negative net margin of 0.80%. The firm had revenue of $305.50 million for the quarter, compared to the consensus estimate of $306.37 million. During the same period in the previous year, the business earned $0.35 EPS. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that Virtusa will post 1.59 earnings per share for the current year.
In other news, President Samir Dhir sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $49.55, for a total value of $198,200.00. Following the completion of the transaction, the president now owns 118,822 shares of the company’s stock, valued at approximately $5,887,630.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kris A. Canekeratne sold 3,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $53.17, for a total value of $159,510.00. Following the completion of the transaction, the chief executive officer now directly owns 722,691 shares of the company’s stock, valued at approximately $38,425,480.47. The disclosure for this sale can be found here. In the last three months, insiders sold 11,000 shares of company stock valued at $569,270. Insiders own 5.11% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Virtusa in the 2nd quarter valued at about $229,000. Summit Creek Advisors LLC lifted its holdings in shares of Virtusa by 35.0% in the 3rd quarter. Summit Creek Advisors LLC now owns 175,929 shares of the information technology services provider’s stock valued at $9,449,000 after buying an additional 45,567 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Virtusa by 8.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 148,231 shares of the information technology services provider’s stock valued at $7,216,000 after buying an additional 11,859 shares during the period. Redwood Investments LLC raised its holdings in Virtusa by 30.9% in the 2nd quarter. Redwood Investments LLC now owns 398,295 shares of the information technology services provider’s stock worth $19,389,000 after purchasing an additional 94,102 shares during the period. Finally, KBC Group NV raised its holdings in Virtusa by 28.0% in the 2nd quarter. KBC Group NV now owns 51,674 shares of the information technology services provider’s stock worth $2,515,000 after purchasing an additional 11,292 shares during the period. 87.04% of the stock is owned by institutional investors and hedge funds.
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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