Geode Capital Management LLC boosted its position in shares of Virtusa Corporation (NASDAQ:VRTU) by 7.8% during the first quarter, Holdings Channel reports. The fund owned 227,982 shares of the information technology services provider’s stock after buying an additional 16,562 shares during the period. Geode Capital Management LLC’s holdings in Virtusa Corporation were worth $6,889,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VRTU. Renaissance Technologies LLC purchased a new position in shares of Virtusa Corporation during the fourth quarter worth $1,731,000. Wells Fargo & Company MN boosted its position in shares of Virtusa Corporation by 19.4% in the first quarter. Wells Fargo & Company MN now owns 22,615 shares of the information technology services provider’s stock worth $684,000 after buying an additional 3,668 shares during the last quarter. State Street Corp boosted its position in shares of Virtusa Corporation by 6.0% in the fourth quarter. State Street Corp now owns 614,534 shares of the information technology services provider’s stock worth $15,443,000 after buying an additional 34,997 shares during the last quarter. State of Tennessee Treasury Department boosted its position in shares of Virtusa Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 24,968 shares of the information technology services provider’s stock worth $755,000 after buying an additional 3,768 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 worth $434,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 84.49% of the company’s stock.

Shares of Virtusa Corporation (NASDAQ VRTU) traded down 1.27% during mid-day trading on Monday, hitting $32.72. The stock had a trading volume of 63,216 shares. The firm’s 50 day moving average price is $31.05 and its 200-day moving average price is $29.66. Virtusa Corporation has a one year low of $18.03 and a one year high of $34.92. The company has a market cap of $985.49 million, a PE ratio of 83.90 and a beta of 1.71.

Virtusa Corporation (NASDAQ:VRTU) last released its earnings results on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.02. The firm had revenue of $226 million for the quarter, compared to analyst estimates of $226.67 million. Virtusa Corporation had a return on equity of 3.50% and a net margin of 1.38%. The firm’s revenue was up 31.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.55 EPS. On average, equities research analysts anticipate that Virtusa Corporation will post $1.54 earnings per share for the current fiscal year.

Virtusa Corporation declared that its Board of Directors has approved 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 reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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A number of research analysts recently weighed in on VRTU shares. Zacks Investment Research upgraded Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Wednesday, July 19th. Cowen and Company reissued a “buy” rating and issued a $36.00 price objective on shares of Virtusa Corporation in a research report on Friday, July 28th. BidaskClub lowered Virtusa Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. ValuEngine raised Virtusa Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, Barrington Research set a $35.00 price objective on Virtusa Corporation and gave the company a “buy” rating in a research report on Thursday, May 25th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $34.38.

In other Virtusa Corporation news, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $33.63, for a total transaction of $403,560.00. Following the completion of the transaction, the chief executive officer now owns 587,920 shares of the company’s stock, valued at approximately $19,771,749.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas R. Holler sold 29,873 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $28.00, for a total transaction of $836,444.00. Following the transaction, the executive vice president now directly owns 45,716 shares of the company’s stock, valued at approximately $1,280,048. The disclosure for this sale can be found here. In the last three months, insiders have sold 166,115 shares of company stock valued at $4,818,066. Company insiders own 5.96% of the company’s stock.

About Virtusa Corporation

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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Institutional Ownership by Quarter for Virtusa Corporation (NASDAQ:VRTU)

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