Virtusa Corp. (VRTU) Sees Large Volume Increase
Shares of Virtusa Corp. (NASDAQ:VRTU) saw unusually-high trading volume on Wednesday . Approximately 325,177 shares traded hands during trading, an increase of 16% from the previous session’s volume of 279,265 shares.The stock last traded at $23.51 and had previously closed at $22.67.
A number of analysts recently issued reports on VRTU shares. Zacks Investment Research lowered Virtusa Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 16th. TheStreet lowered Virtusa Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Needham & Company LLC reiterated a “buy” rating and issued a $32.00 price target (down previously from $45.00) on shares of Virtusa Corp. in a report on Thursday, August 11th. Cantor Fitzgerald reiterated a “buy” rating on shares of Virtusa Corp. in a report on Monday. Finally, Maxim Group reiterated a “buy” rating and issued a $42.00 price target (down previously from $46.00) on shares of Virtusa Corp. in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Virtusa Corp. presently has a consensus rating of “Hold” and a consensus target price of $40.88.
The company has a market capitalization of $703.12 million and a P/E ratio of 24.83. The firm has a 50 day moving average price of $25.91 and a 200-day moving average price of $32.44.
Virtusa Corp. (NASDAQ:VRTU) last released its earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.02. During the same period last year, the business earned $0.48 earnings per share. The business earned $205.50 million during the quarter, compared to analysts’ expectations of $203.82 million. The company’s revenue for the quarter was up 52.4% compared to the same quarter last year. Equities research analysts forecast that Virtusa Corp. will post $1.63 EPS for the current year.
In related news, CEO Kris A. Canekeratne sold 18,000 shares of Virtusa Corp. 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 sale, the chief executive officer now owns 813,414 shares in the company, valued at approximately $28,485,758.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rowland T. Moriarty bought 15,500 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,188,384.43. The disclosure for this purchase can be found here.
A number of hedge funds recently bought and sold shares of the stock. Trexquant Investment LP bought a new stake in Virtusa Corp. during the fourth quarter valued at $1,639,000. Dimensional Fund Advisors LP increased its stake 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. California Public Employees Retirement System increased its stake 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. Rhumbline Advisers increased its stake 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. Finally, Comerica Bank increased its stake 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.
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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