Virtusa Corporation Forecasted to Post Q2 2018 Earnings of $0.28 Per Share (VRTU)

Virtusa Corporation (NASDAQ:VRTU) – Equities researchers at Wedbush reduced their Q2 2018 earnings per share (EPS) estimates for shares of Virtusa Corporation in a note issued to investors on Monday. Wedbush analyst M. Katri now expects that the information technology services provider will earn $0.28 per share for the quarter, down from their prior estimate of $0.30. Wedbush also issued estimates for Virtusa Corporation’s Q3 2018 earnings at $0.28 EPS, Q4 2018 earnings at $0.30 EPS, FY2018 earnings at $1.01 EPS, Q1 2019 earnings at $0.35 EPS, Q3 2019 earnings at $0.39 EPS and Q4 2019 earnings at $0.41 EPS.

Virtusa Corporation (NASDAQ:VRTU) last released its quarterly earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.09. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The business had revenue of $227.30 million for the quarter, compared to analysts’ expectations of $224.46 million. During the same period in the previous year, the company earned $0.18 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year.

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Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed a “buy” rating and set a $37.00 price target on shares of Virtusa Corporation in a report on Friday, August 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Virtusa Corporation in a report on Thursday, August 10th. Cowen and Company reaffirmed a “buy” rating and set a $36.00 price target on shares of Virtusa Corporation in a report on Friday, July 28th. Barrington Research set a $35.00 price target on shares of Virtusa Corporation and gave the company a “buy” rating in a report on Thursday, May 25th. Finally, Zacks Investment Research raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $37.00.

Virtusa Corporation (VRTU) traded up 0.19% on Thursday, reaching $36.37. 8,287 shares of the company traded hands. Virtusa Corporation has a one year low of $18.03 and a one year high of $37.66. The stock’s 50 day moving average price is $35.27 and its 200 day moving average price is $31.48. The company has a market capitalization of $1.06 billion, a PE ratio of 52.63 and a beta of 1.67.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Virtusa Corporation by 120,287.9% in the first quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock worth $100,993,000 after purchasing an additional 3,339,191 shares during the last quarter. CNA Financial Corp increased its position in Virtusa Corporation by 91.9% in the first quarter. CNA Financial Corp now owns 16,933 shares of the information technology services provider’s stock worth $512,000 after purchasing an additional 8,108 shares during the last quarter. Morgan Stanley increased its position in Virtusa Corporation by 548.1% in the first quarter. Morgan Stanley now owns 560,515 shares of the information technology services provider’s stock worth $16,938,000 after purchasing an additional 474,032 shares during the last quarter. Russell Investments Group Ltd. increased its position in Virtusa Corporation by 5.0% in the second quarter. Russell Investments Group Ltd. now owns 213,010 shares of the information technology services provider’s stock worth $6,263,000 after purchasing an additional 10,220 shares during the last quarter. Finally, Unterberg Capital LLC bought a new stake in Virtusa Corporation in the second quarter worth $2,940,000. Institutional investors own 92.06% of the company’s stock.

In other news, CEO Kris A. Canekeratne sold 6,000 shares of Virtusa Corporation stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $36.68, for a total transaction of $220,080.00. Following the sale, the chief executive officer now owns 616,186 shares in the company, valued at $22,601,702.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Kris A. Canekeratne sold 12,000 shares of Virtusa Corporation stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.63, for a total transaction of $403,560.00. Following the sale, the chief executive officer now owns 587,920 shares in the company, valued at approximately $19,771,749.60. The disclosure for this sale can be found here. Insiders have sold 84,616 shares of company stock worth $2,982,360 in the last ninety days. Insiders own 5.96% of the company’s stock.

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.

Earnings History and Estimates for Virtusa Corporation (NASDAQ:VRTU)

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