Virtusa (VRTU) Issues Quarterly Earnings Results

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.

In related news, CEO Kris A. Canekeratne sold 3,000 shares of Virtusa stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $53.17, for a total value of $159,510.00. Following the sale, the chief executive officer now owns 722,691 shares of the company’s stock, valued at approximately $38,425,480.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Samir Dhir sold 4,000 shares of Virtusa stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $52.89, for a total value of $211,560.00. Following the completion of the sale, the president now directly owns 129,045 shares in the company, valued at approximately $6,825,190.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,000 shares of company stock worth $569,270. 5.11% of the stock is currently owned by insiders.

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.

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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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Earnings History for Virtusa (NASDAQ:VRTU)

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