Virtusa (NASDAQ:VRTU) Raised to Hold at BidaskClub

BidaskClub upgraded shares of Virtusa (NASDAQ:VRTU) from a sell rating to a hold rating in a research report released on Tuesday morning, BidAskClub reports.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reduced their price target on Virtusa from $49.00 to $48.00 and set an overweight rating on the stock in a research report on Monday, October 7th. Needham & Company LLC lowered Virtusa from a strong-buy rating to a buy rating and reduced their price target for the stock from $50.00 to $48.00 in a research report on Tuesday, September 10th. ValuEngine lowered Virtusa from a buy rating to a hold rating in a research report on Saturday, August 10th. Zacks Investment Research restated a hold rating on shares of Virtusa in a research report on Saturday, October 12th. Finally, Barrington Research restated a buy rating and set a $60.00 price target on shares of Virtusa in a research report on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Virtusa currently has an average rating of Buy and a consensus target price of $53.29.

Shares of Virtusa stock opened at $42.71 on Tuesday. The business’s 50-day moving average price is $36.53 and its 200-day moving average price is $41.78. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.99. Virtusa has a 12 month low of $31.99 and a 12 month high of $57.00. The firm has a market capitalization of $1.20 billion, a PE ratio of 29.25, a price-to-earnings-growth ratio of 1.14 and a beta of 1.19.

Virtusa (NASDAQ:VRTU) last posted its quarterly earnings results on Thursday, November 7th. The information technology services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.20. Virtusa had a return on equity of 11.67% and a net margin of 2.23%. The business had revenue of $328.50 million for the quarter, compared to analyst estimates of $327.07 million. As a group, analysts predict that Virtusa will post 1.93 earnings per share for the current fiscal year.

In other Virtusa news, CEO Kris A. Canekeratne sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $36.57, for a total value of $548,550.00. Following the completion of the sale, the chief executive officer now owns 706,748 shares in the company, valued at approximately $25,845,774.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Samir Dhir sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $37.55, for a total value of $150,200.00. Following the completion of the sale, the insider now owns 148,139 shares of the company’s stock, valued at approximately $5,562,619.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,500 shares of company stock worth $1,108,640. 4.73% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRTU. Tower Research Capital LLC TRC lifted its holdings in Virtusa by 1,640.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 644 shares of the information technology services provider’s stock worth $29,000 after buying an additional 607 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Virtusa in the 2nd quarter worth approximately $42,000. Financial Gravity Wealth Inc. purchased a new stake in Virtusa in the 2nd quarter worth approximately $56,000. Oppenheimer Asset Management Inc. lifted its holdings in Virtusa by 35.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock worth $66,000 after buying an additional 390 shares during the period. Finally, Quantamental Technologies LLC purchased a new stake in Virtusa in the 2nd quarter worth approximately $79,000. Institutional investors and hedge funds own 88.12% 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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Analyst Recommendations for Virtusa (NASDAQ:VRTU)

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