Virtusa (NASDAQ:VRTU) Upgraded by BidaskClub to Buy

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 a number of other reports. TheStreet cut shares of Virtusa from a b- rating to a c+ rating in a research report on Wednesday, May 29th. Needham & Company LLC lowered shares of Virtusa from a strong-buy rating to a buy rating and dropped their price objective for the company from $50.00 to $48.00 in a research note on Tuesday. ValuEngine lowered shares of Virtusa from a buy rating to a hold rating in a research note on Saturday, August 10th. Zacks Investment Research upgraded shares of Virtusa from a sell rating to a hold rating in a research note on Saturday, September 7th. Finally, Wedbush restated an outperform rating and issued a $60.00 price objective (down from $70.00) on shares of Virtusa in a research note on Thursday, May 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Virtusa currently has a consensus rating of Buy and a consensus target price of $54.17.

VRTU traded down $0.51 on Thursday, reaching $39.74. The company had a trading volume of 13,472 shares, compared to its average volume of 263,176. Virtusa has a 1 year low of $31.99 and a 1 year high of $58.60. The stock has a market capitalization of $1.24 billion, a PE ratio of 27.36, a P/E/G ratio of 1.18 and a beta of 1.20. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average price of $38.87 and a 200-day moving average price of $46.34.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $317.59 million. During the same period in the previous year, the company earned $0.50 earnings per share. Virtusa’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts expect that Virtusa will post 1.93 earnings per share for the current fiscal year.

In other Virtusa news, insider Samir Dhir sold 4,000 shares of Virtusa stock in a transaction on Friday, August 30th. The shares were sold at an average price of $35.91, for a total value of $143,640.00. Following the transaction, the insider now directly owns 157,780 shares in the company, valued at $5,665,879.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kris A. Canekeratne sold 7,500 shares of Virtusa stock in a transaction on Monday, July 1st. The shares were sold at an average price of $44.31, for a total transaction of $332,325.00. Following the completion of the transaction, the chief executive officer now owns 723,926 shares in the company, valued at $32,077,161.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,500 shares of company stock worth $1,024,515. 4.73% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its stake in shares of Virtusa by 1,640.5% during the second quarter. Tower Research Capital LLC TRC now owns 644 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 607 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Virtusa during the second quarter worth about $42,000. Financial Gravity Wealth Inc. acquired a new position in shares of Virtusa during the second quarter worth about $56,000. Oppenheimer Asset Management Inc. increased its stake in shares of Virtusa by 35.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock worth $66,000 after acquiring an additional 390 shares during the period. Finally, Quantamental Technologies LLC acquired a new position in shares of Virtusa during the second quarter worth about $79,000. Institutional investors own 88.27% of the company’s stock.

About Virtusa

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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