ValuEngine cut shares of Virtusa (NASDAQ:VRTU) from a buy rating to a hold rating in a research note released on Friday, ValuEngine reports.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reissued an overweight rating and issued a $56.00 price target (down from $62.00) on shares of Virtusa in a report on Thursday. Wedbush reissued an outperform rating and issued a $60.00 price target (down from $70.00) on shares of Virtusa in a report on Thursday. Barrington Research reissued a buy rating and issued a $64.00 price target on shares of Virtusa in a report on Tuesday, January 29th. Zacks Investment Research downgraded shares of Virtusa from a buy rating to a hold rating in a report on Wednesday, May 1st. Finally, Needham & Company LLC restated a strong-buy rating and issued a $60.00 price objective on shares of Virtusa in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $58.83.

Shares of NASDAQ:VRTU opened at $44.38 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.35 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $1.33 billion, a P/E ratio of 30.40, a P/E/G ratio of 1.15 and a beta of 1.05. Virtusa has a fifty-two week low of $37.80 and a fifty-two week high of $58.60.

Virtusa (NASDAQ:VRTU) last issued its quarterly earnings results on Wednesday, May 15th. The information technology services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.06). The company had revenue of $327.60 million during the quarter, compared to analysts’ expectations of $330.91 million. Virtusa had a return on equity of 12.68% and a net margin of 1.29%. Virtusa’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share. On average, analysts expect that Virtusa will post 1.93 EPS for the current year.

In related news, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $55.05, for a total value of $660,600.00. Following the sale, the chief executive officer now directly owns 585,117 shares in the company, valued at approximately $32,210,690.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ranjan Kalia sold 900 shares of the business’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $51.05, for a total value of $45,945.00. Following the completion of the sale, the chief financial officer now owns 149,128 shares in the company, valued at $7,612,984.40. The disclosure for this sale can be found here. Insiders sold a total of 146,175 shares of company stock worth $7,677,389 over the last 90 days. 5.11% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund increased its position in shares of Virtusa by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 10,659 shares of the information technology services provider’s stock valued at $570,000 after buying an additional 193 shares during the period. Macquarie Group Ltd. increased its position in shares of Virtusa by 50.0% during the fourth quarter. Macquarie Group Ltd. now owns 600 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 200 shares during the period. THB Asset Management increased its position in shares of Virtusa by 0.9% during the first quarter. THB Asset Management now owns 28,960 shares of the information technology services provider’s stock valued at $1,547,000 after buying an additional 246 shares during the period. Piedmont Investment Advisors Inc. increased its position in shares of Virtusa by 4.0% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 6,565 shares of the information technology services provider’s stock valued at $280,000 after buying an additional 250 shares during the period. Finally, Campbell Newman Asset Management Inc. increased its position in shares of Virtusa by 2.6% during the first quarter. Campbell Newman Asset Management Inc. now owns 10,078 shares of the information technology services provider’s stock valued at $539,000 after buying an additional 251 shares during the period. 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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