Raj Rajgopal Sells 27,526 Shares of Virtusa Corporation (NASDAQ:VRTU) Stock
Virtusa Corporation (NASDAQ:VRTU) insider Raj Rajgopal sold 27,526 shares of Virtusa Corporation stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $34.76, for a total value of $956,803.76. Following the transaction, the insider now directly owns 122,708 shares in the company, valued at $4,265,330.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Virtusa Corporation (NASDAQ:VRTU) traded up 3.95% on Monday, hitting $37.41. The stock had a trading volume of 241,312 shares. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 54.14 and a beta of 1.71. The firm has a 50 day moving average of $32.11 and a 200-day moving average of $30.09. Virtusa Corporation has a 1-year low of $18.03 and a 1-year high of $37.42.
Virtusa Corporation (NASDAQ:VRTU) last posted its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.09. The company had revenue of $227.30 million for the quarter, compared to analysts’ expectations of $224.46 million. Virtusa Corporation had a return on equity of 4.26% and a net margin of 2.47%. Virtusa Corporation’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. Equities analysts predict that Virtusa Corporation will post $1.53 earnings per share for the current year.
Virtusa Corporation announced that its board has initiated a stock buyback program on Wednesday, May 3rd that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several hedge funds have recently bought and sold shares of VRTU. US Bancorp DE raised its stake in shares of Virtusa Corporation by 10.3% in the second quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock valued at $103,000 after buying an additional 327 shares during the period. SG Americas Securities LLC bought a new stake in shares of Virtusa Corporation during the second quarter valued at approximately $120,000. State of Alaska Department of Revenue raised its stake in shares of Virtusa Corporation by 79.9% in the second quarter. State of Alaska Department of Revenue now owns 5,470 shares of the information technology services provider’s stock valued at $160,000 after buying an additional 2,430 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Virtusa Corporation by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock valued at $186,000 after buying an additional 522 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Virtusa Corporation by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 6,510 shares of the information technology services provider’s stock valued at $191,000 after buying an additional 260 shares during the period. 94.50% of the stock is currently owned by institutional investors.
VRTU has been the topic of several recent research reports. Zacks Investment Research raised 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 reaffirmed a “buy” rating and set a $36.00 target price on shares of Virtusa Corporation in a report on Friday, July 28th. BidaskClub downgraded Virtusa Corporation from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Barrington Research lifted their target price on Virtusa Corporation from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, August 9th. Finally, ValuEngine raised Virtusa Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $36.38.
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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