Vaughan Nelson Investment Management L.P. decreased its position in Virtusa Corporation (NASDAQ:VRTU) by 20.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 887,650 shares of the information technology services provider’s stock after selling 227,425 shares during the period. Vaughan Nelson Investment Management L.P. owned approximately 2.95% of Virtusa Corporation worth $26,097,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in VRTU. Louisiana State Employees Retirement System boosted its position in shares of Virtusa Corporation by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the information technology services provider’s stock valued at $338,000 after buying an additional 100 shares during the last quarter. Kirr Marbach & Co. LLC IN boosted its position in shares of Virtusa Corporation by 1.2% in the first quarter. Kirr Marbach & Co. LLC IN now owns 10,650 shares of the information technology services provider’s stock valued at $322,000 after buying an additional 125 shares during the last quarter. Miles Capital Inc. boosted its position in shares of Virtusa Corporation by 1.7% in the first quarter. Miles Capital Inc. now owns 9,019 shares of the information technology services provider’s stock valued at $273,000 after buying an additional 154 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Virtusa Corporation by 0.9% in the first quarter. OppenheimerFunds Inc. now owns 18,987 shares of the information technology services provider’s stock valued at $574,000 after buying an additional 176 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Virtusa Corporation by 1.4% in the first quarter. Arizona State Retirement System now owns 14,355 shares of the information technology services provider’s stock valued at $434,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 91.98% of the company’s stock.
Shares of Virtusa Corporation (NASDAQ VRTU) opened at 32.72 on Thursday. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $34.92. The firm has a market capitalization of $985.49 million, a P/E ratio of 83.90 and a beta of 1.69. The firm’s 50-day moving average is $29.83 and its 200 day moving average is $29.21.
Virtusa Corporation (NASDAQ:VRTU) last issued its quarterly earnings data on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.02. Virtusa Corporation had a return on equity of 3.50% and a net margin of 1.38%. The firm had revenue of $226 million during the quarter, compared to the consensus estimate of $226.67 million. During the same period in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 31.5% on a year-over-year basis. On average, equities research analysts anticipate that Virtusa Corporation will post $1.54 EPS for the current year.
Virtusa Corporation declared that its board has authorized a share buyback plan on Wednesday, May 3rd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 3.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Several equities analysts have recently weighed in on VRTU shares. Barrington Research set a $35.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a report on Thursday, May 25th. SunTrust Banks, Inc. set a $32.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a report on Friday, May 19th. Zacks Investment Research upgraded Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Wednesday. BidaskClub upgraded Virtusa Corporation from a “hold” rating to a “buy” rating in a report on Sunday. Finally, ValuEngine upgraded Virtusa Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $34.63.
In other news, CEO Kris A. Canekeratne sold 26,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $28.63, for a total transaction of $744,380.00. Following the completion of the transaction, the chief executive officer now directly owns 619,920 shares of the company’s stock, valued at approximately $17,748,309.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Roger Keith Modder sold 24,242 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $29.10, for a total transaction of $705,442.20. Following the transaction, the chief operating officer now directly owns 191,423 shares of the company’s stock, valued at $5,570,409.30. The disclosure for this sale can be found here. Insiders sold a total of 154,115 shares of company stock valued at $4,414,506 over the last ninety days. 9.92% of the stock is currently owned by insiders.
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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