Virtusa (VRTU) Releases Q3 Earnings Guidance
Virtusa (NASDAQ:VRTU) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.56-0.62 for the period, compared to the Thomson Reuters consensus estimate of $0.59. The company issued revenue guidance of $308-316 million, compared to the consensus revenue estimate of $316.87 million.Virtusa also updated its FY 2019 guidance to $2.19-2.31 EPS.
A number of research firms have issued reports on VRTU. Barrington Research restated a buy rating and set a $64.00 price target on shares of Virtusa in a report on Friday. ValuEngine cut shares of Virtusa from a strong-buy rating to a buy rating in a report on Thursday, November 1st. BidaskClub cut shares of Virtusa from a buy rating to a hold rating in a research note on Thursday, November 1st. Zacks Investment Research cut shares of Virtusa from a buy rating to a hold rating in a research note on Tuesday, September 11th. Finally, Wedbush increased their target price on shares of Virtusa from $60.00 to $70.00 and gave the company an outperform rating in a research note on Friday, August 31st. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $62.00.
Shares of NASDAQ VRTU traded down $0.78 during mid-day trading on Friday, hitting $48.77. The company had a trading volume of 283,052 shares, compared to its average volume of 138,088. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.50 and a current ratio of 2.50. Virtusa has a 12 month low of $39.77 and a 12 month high of $58.60. The stock has a market cap of $1.47 billion, a PE ratio of 54.80, a PEG ratio of 1.56 and a beta of 1.23.
In related news, President Samir Dhir sold 4,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $49.55, for a total value of $198,200.00. Following the completion of the transaction, the president now owns 118,822 shares of the company’s stock, valued at $5,887,630.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 3,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $53.17, for a total transaction of $159,510.00. Following the completion of the transaction, the chief executive officer now directly owns 722,691 shares of the company’s stock, valued at approximately $38,425,480.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,000 shares of company stock valued at $569,270. 5.11% of the stock is owned by corporate insiders.
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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