In a report released today, Joseph Foresi from Cantor Fitzgerald maintained a Buy rating on Virtusa Corp (NASDAQ: VRTU), with a price target of $62. The company’s shares opened today at $55.67, close to its 52-week high of $55.68.
Foresi said:
“. We maintain our Overweight rating on Virtusa and raise our 12-mo. PT to $62 from $60. The company posts organic growth rates above industry averages and is expanding margins. Virtusa performed above expectations in the period and management raised FY19 (ending March 2019) adjusted EPS guidance. We see reason for optimism as growth rates have improved along with margins.”
According to TipRanks.com, Foresi is a top 25 analyst with an average return of 18.9% and a 83.6% success rate. Foresi covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and DXC Technology Company.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Virtusa Corp with a $58.80 average price target, a 5.6% upside from current levels. In a report issued on August 2, Barrington also maintained a Buy rating on the stock with a $55 price target.
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Based on Virtusa Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.3 million. In comparison, last year the company had a net profit of $3.66 million.
Based on the recent corporate insider activity of 100 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2018, William O’brien, a Director at VRTU sold 14,074 shares for a total of $732,552.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Virtusa Corp. engages in the provision of information technology consulting, technology implementation, and application outsourcing services. Its services includes business process management, application services, infrastructure management, enterprise information management, independent validation services, platforming, mobility, enterprise resource planning, business consulting, customer experience management, and cloud. The company was founded by Krishan A. Canekeratne, Tushara Canekeratne and John Gillis in November 1996 and is headquartered in Westborough, MA.
