Cantor Fitzgerald reissued their buy rating on shares of Virtusa (NASDAQ:VRTU) in a report issued on Tuesday, May 29th. The brokerage currently has a $60.00 price target on the information technology services provider’s stock.
“. We maintain our Overweight rating on Virtusa and our 12-mo. PT of $60 following meetings with management. The meetings focused on the recent acquisition (eTouch) and the outlook for the largest client. VRTU just completed a strong FY18 (ended March 2018) and is looking to continue the momentum. Virtusa saw strong performance in the BFSI (Banking, Financial Services & Insurance) vertical in FY18, including a new large contract at a large banking customer. We see reason for optimism as growth rates have improved along with margins.”,” Cantor Fitzgerald’s analyst wrote.
Several other equities analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Virtusa from a strong sell rating to a hold rating in a research note on Tuesday, May 22nd. Barrington Research set a $55.00 price target on shares of Virtusa and gave the stock a buy rating in a research report on Wednesday, May 16th. BidaskClub lowered shares of Virtusa from a buy rating to a hold rating in a research report on Wednesday, May 16th. ValuEngine raised shares of Virtusa from a buy rating to a strong-buy rating in a research report on Wednesday, May 2nd. Finally, Maxim Group reaffirmed a hold rating on shares of Virtusa in a research report on Monday, April 23rd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Virtusa has a consensus rating of Buy and an average target price of $57.88.
Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data on Tuesday, May 15th. The information technology services provider reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. The business had revenue of $281.30 million for the quarter, compared to the consensus estimate of $282.44 million. Virtusa had a net margin of 0.12% and a return on equity of 5.94%. The company’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.43 earnings per share. analysts forecast that Virtusa will post 1.5 EPS for the current fiscal year.
In other news, Director William K. O’brien sold 14,074 shares of the company’s stock in a transaction on Tuesday, June 5th. The shares were sold at an average price of $52.05, for a total value of $732,551.70. Following the completion of the transaction, the director now directly owns 26,920 shares in the company, valued at $1,401,186. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kris A. Canekeratne sold 3,000 shares of the company’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $47.42, for a total transaction of $142,260.00. Following the completion of the transaction, the chief executive officer now owns 485,827 shares of the company’s stock, valued at $23,037,916.34. The disclosure for this sale can be found here. Insiders sold 75,579 shares of company stock valued at $3,730,739 in the last three months. Company insiders own 5.96% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Brasada Capital Management LP purchased a new position in shares of Virtusa in the first quarter valued at $292,000. Redwood Investments LLC bought a new position in Virtusa during the 1st quarter valued at $14,741,000. Principal Financial Group Inc. boosted its stake in Virtusa by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 216,493 shares of the information technology services provider’s stock valued at $10,491,000 after acquiring an additional 12,136 shares during the last quarter. WINTON GROUP Ltd boosted its stake in Virtusa by 2.6% during the 1st quarter. WINTON GROUP Ltd now owns 129,090 shares of the information technology services provider’s stock valued at $6,256,000 after acquiring an additional 3,247 shares during the last quarter. Finally, Xact Kapitalforvaltning AB bought a new position in Virtusa during the 1st quarter valued at $235,000. Institutional investors and hedge funds own 85.61% 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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