Virtusa (VRTU) Receives “Strong-Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their strong-buy rating on shares of Virtusa (NASDAQ:VRTU) in a research note released on Thursday, The Fly reports. Needham & Company LLC currently has a $60.00 price objective on the information technology services provider’s stock.

Several other analysts have also issued reports on VRTU. Barrington Research restated a buy rating and issued a $64.00 target price on shares of Virtusa in a research note on Tuesday, January 29th. Cantor Fitzgerald restated a buy rating and issued a $62.00 target price on shares of Virtusa in a research note on Friday, February 8th. Zacks Investment Research upgraded Virtusa from a sell rating to a hold rating in a research note on Thursday, February 14th. BidaskClub lowered Virtusa from a buy rating to a hold rating in a research note on Friday, February 15th. Finally, Wedbush reiterated an outperform rating and issued a $60.00 price target (down from $70.00) on shares of Virtusa in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $58.83.

Virtusa stock traded up $1.06 during mid-day trading on Thursday, reaching $44.07. 7,957 shares of the company’s stock were exchanged, compared to its average volume of 89,984. The firm has a market capitalization of $1.62 billion, a P/E ratio of 30.42, a price-to-earnings-growth ratio of 1.40 and a beta of 1.05. Virtusa has a one year low of $37.80 and a one year high of $58.60. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.82.



Virtusa (NASDAQ:VRTU) last issued its quarterly earnings results on Wednesday, May 15th. The information technology services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.06). The business had revenue of $327.60 million for the quarter, compared to the consensus estimate of $330.91 million. Virtusa had a return on equity of 11.83% and a net margin of 1.29%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 earnings per share. Analysts predict that Virtusa will post 1.93 EPS for the current fiscal year.

In other news, CFO Ranjan Kalia sold 900 shares of Virtusa stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $51.05, for a total value of $45,945.00. Following the completion of the transaction, the chief financial officer now directly owns 149,128 shares in the company, valued at $7,612,984.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kris A. Canekeratne sold 10,160 shares of Virtusa stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $51.00, for a total value of $518,160.00. Following the completion of the transaction, the chief executive officer now owns 635,547 shares of the company’s stock, valued at $32,412,897. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,175 shares of company stock valued at $7,677,389. 5.11% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in shares of Virtusa by 0.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 355,405 shares of the information technology services provider’s stock worth $19,089,000 after acquiring an additional 2,054 shares during the last quarter. AQR Capital Management LLC raised its position in Virtusa by 40.3% during the third quarter. AQR Capital Management LLC now owns 15,026 shares of the information technology services provider’s stock valued at $807,000 after acquiring an additional 4,317 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Virtusa by 6.9% during the third quarter. TIAA CREF Investment Management LLC now owns 142,973 shares of the information technology services provider’s stock valued at $7,679,000 after acquiring an additional 9,251 shares in the last quarter. Legal & General Group Plc raised its position in Virtusa by 6.4% during the third quarter. Legal & General Group Plc now owns 65,100 shares of the information technology services provider’s stock valued at $3,499,000 after acquiring an additional 3,889 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Virtusa by 2.4% during the third quarter. Vanguard Group Inc. now owns 2,352,310 shares of the information technology services provider’s stock valued at $126,343,000 after acquiring an additional 55,460 shares in the last quarter. Institutional investors and hedge funds own 88.92% 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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