Virtusa Corporation (NASDAQ:VRTU) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.32-0.38 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.37. The company issued revenue guidance of $236.5-241.5 million, compared to the consensus revenue estimate of $229.62 million.Virtusa Corporation also updated its FY18 guidance to $1.45-1.63 EPS.
Several analysts have issued reports on the company. Needham & Company LLC restated a buy rating and set a $43.00 price objective (up previously from $38.00) on shares of Virtusa Corporation in a report on Saturday. Zacks Investment Research downgraded Virtusa Corporation from a buy rating to a hold rating in a report on Tuesday. Maxim Group reiterated a hold rating on shares of Virtusa Corporation in a report on Tuesday, August 8th. BidaskClub upgraded Virtusa Corporation from a hold rating to a buy rating in a report on Sunday, July 16th. Finally, Barrington Research set a $35.00 target price on Virtusa Corporation and gave the company a buy rating in a report on Thursday, May 25th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $37.00.
Shares of Virtusa Corporation (NASDAQ:VRTU) traded down 0.60% during midday trading on Friday, reaching $36.27. The company’s stock had a trading volume of 96,375 shares. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $37.66. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 52.49 and a beta of 1.71. The company has a 50-day moving average price of $32.85 and a 200-day moving average price of $30.34.
Virtusa Corporation (NASDAQ:VRTU) last issued its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.09. Virtusa Corporation had a return on equity of 4.26% and a net margin of 2.47%. The company had revenue of $227.30 million during the quarter, compared to the consensus estimate of $224.46 million. During the same period in the previous year, the company posted $0.18 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts expect that Virtusa Corporation will post $1.55 earnings per share for the current year.
Virtusa Corporation announced that its board has initiated a stock buyback plan on Wednesday, May 3rd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the information technology services provider to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Virtusa Corporation news, COO Roger Keith Modder sold 24,242 shares of Virtusa Corporation stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $29.10, for a total value of $705,442.20. Following the completion of the transaction, the chief operating officer now directly owns 191,423 shares of the company’s stock, valued at approximately $5,570,409.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kris A. Canekeratne sold 74,000 shares of Virtusa Corporation stock in a transaction on Friday, June 9th. The shares were sold at an average price of $28.76, for a total value of $2,128,240.00. Following the completion of the transaction, the chief executive officer now directly owns 780,315 shares of the company’s stock, valued at $22,441,859.40. The disclosure for this sale can be found here. Insiders sold a total of 175,768 shares of company stock valued at $5,379,846 over the last 90 days. 5.96% of the stock is currently owned by corporate insiders.
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Virtusa Corporation Company Profile
Virtusa Corporation (Virtusa) is an information technology services company. The Company’s services include information technology (IT) and business consulting, digital enablement services, user experience (UX) design, development of IT applications, maintenance and support services, systems integration, infrastructure and managed services.
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