Shares of Virtusa Corp. (NASDAQ:VRTU) dropped 2.7% during trading on Thursday . The stock traded as low as $20.74 and last traded at $20.86, with a volume of 81,398 shares traded. The stock had previously closed at $21.44.

VRTU has been the subject of several research reports. Cantor Fitzgerald restated a “buy” rating on shares of Virtusa Corp. in a report on Monday, May 16th. Needham & Company LLC restated a “buy” rating and set a $45.00 price target (down from $60.00) on shares of Virtusa Corp. in a report on Tuesday, May 17th. Maxim Group restated a “buy” rating and set a $42.00 price target (down from $46.00) on shares of Virtusa Corp. in a report on Wednesday, June 29th. Zacks Investment Research upgraded shares of Virtusa Corp. from a “sell” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, April 21st. Finally, Barrington Research restated a “buy” rating and set a $50.00 price target on shares of Virtusa Corp. in a report on Sunday, May 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $40.88.

The firm has a market capitalization of $637.70 million and a PE ratio of 22.52. The stock’s 50 day moving average price is $26.65 and its 200-day moving average price is $33.18.

Virtusa Corp. (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. During the same period last year, the company earned $0.48 earnings per share. The company earned $205.50 million during the quarter, compared to the consensus estimate of $203.82 million. The business’s revenue was up 52.4% compared to the same quarter last year. On average, equities analysts predict that Virtusa Corp. will post $1.63 EPS for the current fiscal year.

In related news, Director Rowland T. Moriarty purchased 15,500 shares of the stock in a transaction dated Friday, June 10th. The stock was bought at an average cost of $33.81 per share, with a total value of $524,055.00. Following the purchase, the director now directly owns 94,303 shares in the company, valued at approximately $3,188,384.43. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kris A. Canekeratne sold 18,000 shares of the company’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $35.02, for a total value of $630,360.00. Following the completion of the sale, the chief executive officer now directly owns 813,414 shares of the company’s stock, valued at $28,485,758.28. The disclosure for this sale can be found here.

Several hedge funds recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Virtusa Corp. by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,357,913 shares of the company’s stock worth $56,136,000 after buying an additional 32,711 shares during the period. Trexquant Investment LP bought a new stake in shares of Virtusa Corp. during the fourth quarter worth approximately $1,639,000. Mutual of America Capital Management LLC boosted its stake in shares of Virtusa Corp. by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 43,595 shares of the company’s stock worth $1,802,000 after buying an additional 259 shares during the period. Comerica Bank boosted its stake in shares of Virtusa Corp. by 0.9% in the fourth quarter. Comerica Bank now owns 27,622 shares of the company’s stock worth $1,102,000 after buying an additional 236 shares during the period. Finally, California Public Employees Retirement System boosted its stake in shares of Virtusa Corp. by 16.8% in the fourth quarter. California Public Employees Retirement System now owns 67,600 shares of the company’s stock worth $2,795,000 after buying an additional 9,700 shares during the period.

Virtusa Corporation (Virtusa) is an information technology services company. The Company’s services include information technology (IT) and business consulting, user experience (UX) design, development of IT applications, maintenance and support services, systems integration, infrastructure and managed services.

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