Virtusa Corp. (VRTU) Sees Unusually-High Trading Volume
Shares of Virtusa Corp. (NASDAQ:VRTU) saw unusually-strong trading volume on Wednesday . Approximately 342,886 shares changed hands during mid-day trading, an increase of 60% from the previous session’s volume of 214,935 shares.The stock last traded at $21.57 and had previously closed at $21.39.
Several research analysts have recently issued reports on VRTU shares. Zacks Investment Research cut shares of Virtusa Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday. TheStreet cut shares of Virtusa Corp. from a “buy” rating to a “hold” rating in a report on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $32.00 price objective (down from $45.00) on shares of Virtusa Corp. in a report on Thursday, August 11th. Cantor Fitzgerald reiterated a “buy” rating and issued a $40.00 price objective on shares of Virtusa Corp. in a report on Wednesday, July 6th. Finally, Maxim Group reiterated a “buy” rating and issued a $42.00 price objective (down from $46.00) on shares of Virtusa Corp. in a report on Wednesday, June 29th. One 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 an average target price of $40.88.
The stock has a market capitalization of $632.03 million and a price-to-earnings ratio of 22.32. The company’s 50 day moving average is $26.43 and its 200 day moving average is $33.10.
Virtusa Corp. (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. During the same period in the prior year, the business earned $0.48 earnings per share. The firm had revenue of $205.50 million for the quarter, compared to the consensus estimate of $203.82 million. The company’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 year.
In other news, Director Rowland T. Moriarty purchased 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was purchased at an average cost of $34.57 per share, with a total value of $518,550.00. Following the acquisition, the director now directly owns 80,003 shares of the company’s stock, valued at approximately $2,765,703.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kris A. Canekeratne sold 18,000 shares of Virtusa Corp. stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $35.02, for a total transaction of $630,360.00. Following the transaction, 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.
A number of institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its position in shares of 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 in the last quarter. Mutual of America Capital Management LLC increased its position 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 in the last quarter. Rhumbline Advisers increased its position in shares of Virtusa Corp. by 9.4% in the fourth quarter. Rhumbline Advisers now owns 33,490 shares of the company’s stock worth $1,384,000 after buying an additional 2,875 shares in the last quarter. California Public Employees Retirement System increased its position 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its position 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 in the last quarter.
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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