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

VRTU has been the subject of a number of research reports. Maxim Group decreased their target price on shares of Virtusa Corp. from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 22nd. Zacks Investment Research lowered shares of Virtusa Corp. from a “hold” rating to a “sell” rating in a research note on Saturday, May 21st. Cantor Fitzgerald reissued a “buy” rating and set a $40.00 target price on shares of Virtusa Corp. in a research note on Wednesday, July 6th. Barrington Research decreased their target price on shares of Virtusa Corp. from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, May 17th. Finally, TheStreet lowered shares of Virtusa Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Virtusa Corp. presently has an average rating of “Hold” and a consensus target price of $40.88.

The firm’s 50-day moving average price is $26.22 and its 200-day moving average price is $32.93. The firm has a market cap of $637.70 million and a price-to-earnings ratio of 22.52.

Virtusa Corp. (NASDAQ:VRTU) last issued its earnings results on Tuesday, August 9th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The firm earned $205.50 million during the quarter, compared to the consensus estimate of $203.82 million. During the same period in the previous year, the company posted $0.48 EPS. The firm’s revenue for the quarter was up 52.4% on a year-over-year basis. Analysts forecast that Virtusa Corp. will post $1.63 earnings per share for the current fiscal year.

In other news, CEO Kris A. Canekeratne sold 18,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 813,414 shares in the company, valued at $28,485,758.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rowland T. Moriarty purchased 15,500 shares of Virtusa Corp. stock in a transaction dated Friday, June 10th. The stock was bought at an average price of $33.81 per share, with a total value of $524,055.00. Following the acquisition, the director now directly owns 94,303 shares of the company’s stock, valued at $3,188,384.43. The disclosure for this purchase can be found here.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in Virtusa Corp. by 9.4% in the fourth quarter. Rhumbline Advisers now owns 33,490 shares of the company’s stock valued at $1,384,000 after buying an additional 2,875 shares during the period. California Public Employees Retirement System boosted its position in Virtusa Corp. by 16.8% in the fourth quarter. California Public Employees Retirement System now owns 67,600 shares of the company’s stock valued at $2,795,000 after buying an additional 9,700 shares during the period. Comerica Bank boosted its position in Virtusa Corp. by 0.9% in the fourth quarter. Comerica Bank now owns 27,622 shares of the company’s stock valued at $1,102,000 after buying an additional 236 shares during the period. Trexquant Investment LP bought a new position in Virtusa Corp. during the fourth quarter valued at $1,639,000. Finally, Dimensional Fund Advisors LP boosted its position in Virtusa Corp. by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,357,913 shares of the company’s stock valued at $56,136,000 after buying an additional 32,711 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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