Needham & Company LLC Increases Virtusa (NASDAQ:VRTU) Price Target to $46.00

Virtusa (NASDAQ:VRTU) had its price target increased by equities research analysts at Needham & Company LLC from $35.00 to $46.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective suggests a potential upside of 13.30% from the company’s previous close.

Several other brokerages have also commented on VRTU. Barrington Research reissued a “buy” rating and issued a $38.00 price objective on shares of Virtusa in a report on Thursday, May 14th. Zacks Investment Research lowered Virtusa from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub raised Virtusa from a “hold” rating to a “buy” rating in a report on Thursday. William Blair lowered Virtusa from an “outperform” rating to a “market perform” rating in a report on Thursday, May 14th. Finally, Rosenblatt Securities lowered Virtusa from a “buy” rating to a “neutral” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $42.50.

Shares of VRTU stock opened at $40.60 on Friday. The stock has a 50 day moving average of $31.91 and a 200 day moving average of $35.10. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 1.31. The stock has a market cap of $1.07 billion, a P/E ratio of 33.01, a P/E/G ratio of 1.87 and a beta of 1.38. Virtusa has a twelve month low of $19.48 and a twelve month high of $52.81.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings results on Thursday, July 30th. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $301.06 million during the quarter, compared to analysts’ expectations of $287.20 million. Virtusa had a return on equity of 13.36% and a net margin of 3.32%. On average, research analysts predict that Virtusa will post 1.35 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. Nuveen Asset Management LLC boosted its stake in shares of Virtusa by 2.7% in the first quarter. Nuveen Asset Management LLC now owns 233,053 shares of the information technology services provider’s stock worth $6,619,000 after acquiring an additional 6,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Virtusa by 48.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,015 shares of the information technology services provider’s stock worth $426,000 after acquiring an additional 4,897 shares during the last quarter. Morgan Stanley boosted its stake in shares of Virtusa by 210.0% in the first quarter. Morgan Stanley now owns 443,075 shares of the information technology services provider’s stock worth $12,584,000 after acquiring an additional 300,146 shares during the last quarter. Skyline Asset Management LP boosted its stake in shares of Virtusa by 14.6% in the second quarter. Skyline Asset Management LP now owns 241,100 shares of the information technology services provider’s stock worth $7,829,000 after acquiring an additional 30,700 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Virtusa by 52.8% in the first quarter. BNP Paribas Arbitrage SA now owns 11,874 shares of the information technology services provider’s stock worth $337,000 after acquiring an additional 4,101 shares during the last quarter. 92.94% of the stock is currently owned by hedge funds and other institutional investors.

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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