Virtusa (NASDAQ:VRTU) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Virtusa (NASDAQ:VRTU) from a hold rating to a buy rating in a report issued on Thursday, BidAskClub reports.

VRTU has been the subject of several other research reports. Barrington Research reaffirmed an outperform rating and set a $60.00 price target (down previously from $64.00) on shares of Virtusa in a research report on Monday, August 12th. Needham & Company LLC lowered shares of Virtusa from a strong-buy rating to a buy rating and dropped their price target for the stock from $50.00 to $48.00 in a research report on Tuesday. Cantor Fitzgerald reaffirmed an overweight rating and set a $56.00 price target (down previously from $62.00) on shares of Virtusa in a research report on Thursday, May 16th. TheStreet lowered shares of Virtusa from a b- rating to a c+ rating in a research report on Wednesday, May 29th. Finally, Wedbush reaffirmed an outperform rating and set a $60.00 price target (down previously from $70.00) on shares of Virtusa in a research report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Virtusa has a consensus rating of Buy and an average price target of $54.17.

VRTU stock traded down $0.51 on Thursday, hitting $39.74. 13,472 shares of the company were exchanged, compared to its average volume of 263,176. Virtusa has a twelve month low of $31.99 and a twelve month high of $58.60. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.58 and a quick ratio of 2.58. The business’s fifty day moving average is $38.87 and its two-hundred day moving average is $46.34. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 27.36, a price-to-earnings-growth ratio of 1.18 and a beta of 1.20.

Virtusa (NASDAQ:VRTU) last issued its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. Virtusa had a net margin of 2.23% and a return on equity of 11.67%. The firm had revenue of $319.00 million during the quarter, compared to analyst estimates of $317.59 million. During the same quarter in the prior year, the business posted $0.50 earnings per share. Virtusa’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts expect that Virtusa will post 1.93 earnings per share for the current year.

In related news, CEO Kris A. Canekeratne sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $36.57, for a total transaction of $548,550.00. Following the completion of the sale, the chief executive officer now directly owns 706,748 shares of the company’s stock, valued at approximately $25,845,774.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Samir Dhir sold 4,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $35.91, for a total transaction of $143,640.00. Following the sale, the insider now directly owns 157,780 shares of the company’s stock, valued at $5,665,879.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,500 shares of company stock valued at $1,024,515. Company insiders own 4.73% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its stake in Virtusa by 266.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,251 shares of the information technology services provider’s stock valued at $334,000 after acquiring an additional 4,543 shares during the last quarter. SG Americas Securities LLC bought a new position in Virtusa during the 1st quarter valued at $457,000. Rhumbline Advisers boosted its stake in Virtusa by 1.0% during the 1st quarter. Rhumbline Advisers now owns 79,680 shares of the information technology services provider’s stock valued at $4,259,000 after acquiring an additional 797 shares during the last quarter. Comerica Bank boosted its stake in Virtusa by 3.9% during the 1st quarter. Comerica Bank now owns 27,881 shares of the information technology services provider’s stock valued at $1,574,000 after acquiring an additional 1,037 shares during the last quarter. Finally, Texas Permanent School Fund boosted its stake in Virtusa by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 18,691 shares of the information technology services provider’s stock valued at $999,000 after acquiring an additional 683 shares during the last quarter. 88.27% of the stock is owned by institutional investors and hedge funds.

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.

See Also: What is the price-to-earnings growth (PEG) ratio?

Analyst Recommendations for Virtusa (NASDAQ:VRTU)

Receive News & Ratings for Virtusa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtusa and related companies with MarketBeat.com's FREE daily email newsletter.