Wedbush Brokers Cut Earnings Estimates for Virtusa Co. (VRTU)

Virtusa Co. (NASDAQ:VRTU) – Investment analysts at Wedbush decreased their Q3 2019 earnings per share estimates for shares of Virtusa in a research note issued to investors on Monday, August 13th. Wedbush analyst M. Katri now anticipates that the information technology services provider will post earnings of $0.39 per share for the quarter, down from their previous estimate of $0.40. Wedbush also issued estimates for Virtusa’s FY2019 earnings at $1.57 EPS, Q4 2020 earnings at $0.55 EPS and FY2020 earnings at $2.02 EPS.

Several other research analysts have also weighed in on VRTU. Maxim Group restated a “hold” rating on shares of Virtusa in a research note on Monday, April 23rd. ValuEngine upgraded shares of Virtusa from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. BidaskClub lowered shares of Virtusa from a “buy” rating to a “hold” rating in a research note on Wednesday, May 16th. Barrington Research set a $55.00 price target on shares of Virtusa and gave the company a “buy” rating in a research note on Wednesday, May 16th. Finally, Zacks Investment Research lowered shares of Virtusa from a “hold” rating to a “sell” rating in a research note on Wednesday, May 16th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $60.75.

Virtusa stock opened at $51.81 on Thursday. The stock has a market cap of $1.57 billion, a PE ratio of 58.21, a PEG ratio of 1.70 and a beta of 1.19. Virtusa has a fifty-two week low of $33.50 and a fifty-two week high of $55.68. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.68.

Virtusa (NASDAQ:VRTU) last released its quarterly earnings data on Wednesday, August 8th. The information technology services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $300.00 million for the quarter, compared to analyst estimates of $298.00 million. Virtusa had a negative net margin of 0.80% and a positive return on equity of 7.38%. Virtusa’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG boosted its holdings in Virtusa by 117.2% in the 4th quarter. Deutsche Bank AG now owns 60,265 shares of the information technology services provider’s stock valued at $2,655,000 after purchasing an additional 32,517 shares during the period. Principal Financial Group Inc. boosted its holdings in Virtusa by 5.9% in 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 purchasing an additional 12,136 shares during the period. Barclays PLC boosted its holdings in Virtusa by 66.0% in the 1st quarter. Barclays PLC now owns 17,597 shares of the information technology services provider’s stock valued at $852,000 after purchasing an additional 6,997 shares during the period. KBC Group NV boosted its holdings in Virtusa by 352.5% in the 1st quarter. KBC Group NV now owns 40,382 shares of the information technology services provider’s stock valued at $1,957,000 after purchasing an additional 31,457 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in Virtusa by 232.7% in the 1st quarter. Wells Fargo & Company MN now owns 142,163 shares of the information technology services provider’s stock valued at $6,889,000 after purchasing an additional 99,427 shares during the period. Institutional investors and hedge funds own 82.71% of the company’s stock.

In related news, CEO Kris A. Canekeratne sold 12,000 shares of the company’s stock in a transaction dated Thursday, July 12th. The shares were sold at an average price of $53.48, for a total value of $641,760.00. Following the transaction, the chief executive officer now owns 728,691 shares in the company, valued at approximately $38,970,394.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Roger Keith Modder sold 14,000 shares of the company’s stock in a transaction dated Monday, May 21st. The shares were sold at an average price of $47.44, for a total transaction of $664,160.00. Following the completion of the transaction, the chief operating officer now owns 176,239 shares in the company, valued at approximately $8,360,778.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,848 shares of company stock worth $3,987,939. 5.11% of the stock is owned by company insiders.

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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Earnings History and Estimates for Virtusa (NASDAQ:VRTU)

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