Virtusa (NASDAQ:VRTU) released its earnings results on Thursday. The information technology services provider reported $0.54 earnings per share for the quarter, meeting the consensus estimate of $0.54, Briefing.com reports. Virtusa had a positive return on equity of 7.38% and a negative net margin of 0.80%. The firm had revenue of $305.50 million for the quarter, compared to analyst estimates of $306.37 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The company’s quarterly revenue was up 23.1% on a year-over-year basis.
Shares of NASDAQ VRTU traded down $0.78 during mid-day trading on Friday, reaching $48.77. 283,052 shares of the company’s stock were exchanged, compared to its average volume of 180,520. The firm has a market cap of $1.43 billion, a P/E ratio of 54.80, a P/E/G ratio of 1.51 and a beta of 1.23. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.50 and a quick ratio of 2.50. Virtusa has a twelve month low of $39.77 and a twelve month high of $58.60.
VRTU has been the topic of several analyst reports. Barrington Research reissued a “buy” rating and issued a $55.00 target price on shares of Virtusa in a research note on Thursday, August 2nd. Zacks Investment Research raised Virtusa from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Sunday, July 15th. BidaskClub raised Virtusa from a “hold” rating to a “buy” rating in a research report on Friday, July 13th. ValuEngine lowered Virtusa from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 1st. Finally, SunTrust Banks raised their price target on Virtusa to $56.00 and gave the stock a “hold” rating in a research report on Monday, August 13th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $62.00.
A number of institutional investors have recently made changes to their positions in VRTU. BlackRock Inc. raised its position in Virtusa by 9.2% in the 2nd quarter. BlackRock Inc. now owns 3,886,261 shares of the information technology services provider’s stock valued at $189,183,000 after buying an additional 328,497 shares during the last quarter. FMR LLC raised its position in Virtusa by 12.2% in the 3rd quarter. FMR LLC now owns 2,868,364 shares of the information technology services provider’s stock valued at $154,060,000 after buying an additional 310,939 shares during the last quarter. Renaissance Technologies LLC raised its position in Virtusa by 196.3% in the 2nd quarter. Renaissance Technologies LLC now owns 428,201 shares of the information technology services provider’s stock valued at $20,845,000 after buying an additional 283,701 shares during the last quarter. Rothschild Asset Management Inc. acquired a new stake in Virtusa in the 2nd quarter valued at approximately $8,488,000. Finally, Voya Investment Management LLC raised its position in Virtusa by 105.7% in the 2nd quarter. Voya Investment Management LLC now owns 280,742 shares of the information technology services provider’s stock valued at $13,666,000 after buying an additional 144,258 shares during the last quarter. 87.04% of the stock is currently 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.
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