Wedbush Reaffirms “Outperform” Rating for Virtusa (VRTU)

Wedbush restated their outperform rating on shares of Virtusa (NASDAQ:VRTU) in a research report report published on Thursday morning, The Fly reports. The firm currently has a $60.00 target price on the information technology services provider’s stock, down from their previous target price of $70.00.

A number of other analysts also recently commented on the company. Barrington Research restated a buy rating and issued a $64.00 target price on shares of Virtusa in a research note on Tuesday, January 29th. BidaskClub downgraded Virtusa from a buy rating to a hold rating in a research note on Tuesday, April 16th. Cantor Fitzgerald reiterated a buy rating and set a $62.00 price target on shares of Virtusa in a research report on Friday, February 8th. Finally, Zacks Investment Research downgraded Virtusa from a buy rating to a hold rating in a research report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Virtusa presently has an average rating of Buy and an average price target of $58.83.

Shares of VRTU opened at $44.38 on Thursday. Virtusa has a 52 week low of $37.80 and a 52 week high of $58.60. The company has a current ratio of 2.72, a quick ratio of 2.35 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $1.33 billion, a PE ratio of 30.40, a P/E/G ratio of 1.15 and a beta of 1.05.

Virtusa (NASDAQ:VRTU) last issued its earnings results on Wednesday, May 15th. The information technology services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.06). Virtusa had a return on equity of 12.68% and a net margin of 1.29%. The company had revenue of $327.60 million during the quarter, compared to analysts’ expectations of $330.91 million. During the same quarter in the previous year, the company earned $0.55 EPS. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, research analysts predict that Virtusa will post 1.93 EPS for the current fiscal year.

In other Virtusa news, CEO Kris A. Canekeratne sold 10,160 shares of the stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $51.00, for a total transaction of $518,160.00. Following the transaction, the chief executive officer now owns 635,547 shares in the company, valued at $32,412,897. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 12,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $55.05, for a total value of $660,600.00. Following the transaction, the chief executive officer now owns 585,117 shares in the company, valued at approximately $32,210,690.85. The disclosure for this sale can be found here. Insiders have sold 146,175 shares of company stock worth $7,677,389 in the last quarter. 5.11% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its position in Virtusa by 1.5% during the first quarter. BlackRock Inc. now owns 4,019,083 shares of the information technology services provider’s stock worth $214,820,000 after purchasing an additional 60,659 shares in the last quarter. FMR LLC lifted its position in shares of Virtusa by 2.9% in the first quarter. FMR LLC now owns 2,991,604 shares of the information technology services provider’s stock valued at $159,901,000 after acquiring an additional 83,217 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Virtusa by 2.4% in the third quarter. Vanguard Group Inc. now owns 2,352,310 shares of the information technology services provider’s stock valued at $126,343,000 after acquiring an additional 55,460 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of Virtusa by 0.8% in the first quarter. Frontier Capital Management Co. LLC now owns 1,049,396 shares of the information technology services provider’s stock valued at $56,090,000 after acquiring an additional 8,057 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Virtusa by 8.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 999,374 shares of the information technology services provider’s stock valued at $42,563,000 after acquiring an additional 77,337 shares in the last quarter. Institutional investors own 88.92% of the company’s stock.

Virtusa Company Profile

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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