After Cowen & Co. and Cantor Fitzgerald gave Virtusa Corp (NASDAQ: VRTU) a Buy rating last month, the company received another Buy, this time from Barrington. Analyst Vincent Colicchio maintained a Buy rating on Virtusa Corp today and set a price target of $64. The company’s shares closed yesterday at $57.25, close to its 52-week high of $58.58.
Colicchio commented:
“We believe the company is more able than many competitors to deliver high-value end-to-end digital transformation solutions due to its strengths in customer-facing front-end development, back-end platform rationalization/consolidation and the integration of front and back-end systems. Yesterday, in a public format, management mentioned that the preceding capabilities were key drivers to their recent share gains.”
According to TipRanks.com, Colicchio is a 4-star analyst with an average return of 10.6% and a 70.2% success rate. Colicchio covers the Technology sector, focusing on stocks such as Sykes Enterprises Inc, Exlservice Holdings, and Convergys Corp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Virtusa Corp with a $63.67 average price target, which is an 11.2% upside from current levels. In a report issued on August 31, Wedbush also maintained a Buy rating on the stock with a $70 price target.
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The company has a one-year high of $58.58 and a one-year low of $33.50. Currently, Virtusa Corp has an average volume of 147.5K.
Based on the recent corporate insider activity of 87 insiders, corporate insider sentiment is negative on the stock.
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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.
