Fmr LLC cut its position in Virtusa Co. (NASDAQ:VRTU) by 15.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,557,425 shares of the information technology services provider’s stock after selling 450,275 shares during the quarter. Fmr LLC owned about 8.60% of Virtusa worth $124,496,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in shares of Virtusa during the 1st quarter valued at $107,000. Fortis Advisors LLC bought a new stake in shares of Virtusa during the 1st quarter valued at $116,000. Stevens Capital Management LP bought a new stake in shares of Virtusa during the 1st quarter valued at $209,000. LPL Financial LLC bought a new stake in shares of Virtusa during the 1st quarter valued at $219,000. Finally, Amalgamated Bank bought a new stake in shares of Virtusa during the 2nd quarter valued at $223,000. Hedge funds and other institutional investors own 86.80% of the company’s stock.

In related news, CEO Kris A. Canekeratne sold 12,000 shares of the business’s stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $53.48, for a total transaction of $641,760.00. Following the completion of the transaction, the chief executive officer now directly owns 728,691 shares in the company, valued at $38,970,394.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Kris A. Canekeratne sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $50.28, for a total value of $150,840.00. Following the transaction, the chief executive officer now owns 734,691 shares of the company’s stock, valued at $36,940,263.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,000 shares of company stock valued at $1,163,670. 5.11% of the stock is owned by company insiders.

Virtusa stock opened at $58.30 on Friday. Virtusa Co. has a 52 week low of $34.74 and a 52 week high of $58.58. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.50 and a quick ratio of 2.50. The stock has a market cap of $1.68 billion, a P/E ratio of 65.51, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27.

Virtusa (NASDAQ:VRTU) last posted its earnings results on Wednesday, August 8th. The information technology services provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.03. Virtusa had a positive return on equity of 7.38% and a negative net margin of 0.80%. The business had revenue of $300.00 million during the quarter, compared to analysts’ expectations of $298.00 million. During the same period in the previous year, the business earned $0.25 earnings per share. The firm’s revenue was up 32.0% on a year-over-year basis. equities research analysts predict that Virtusa Co. will post 1.59 earnings per share for the current fiscal year.

A number of analysts recently issued reports on the company. BidaskClub lowered Virtusa from a “buy” rating to a “hold” rating in a research note on Saturday, June 23rd. Zacks Investment Research upgraded Virtusa from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Sunday, July 15th. Barrington Research reiterated a “buy” rating and set a $55.00 price objective on shares of Virtusa in a research note on Thursday, August 2nd. Wedbush boosted their price objective on Virtusa from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, August 31st. Finally, Cantor Fitzgerald reiterated a “buy” rating and set a $60.00 price objective on shares of Virtusa in a research note on Tuesday, May 29th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $62.00.

Virtusa Company Profile

Virtusa Corporation provides digital engineering and information technology (IT) outsourcing services worldwide. The company offers business and IT consulting services, including advisory/target operating model, business process re-engineering/business management, transformational solution consulting, and business/technology alignment analysis; omni-channel digital strategy, experience design accelerated solution design, and employee engagement; and application portfolio rationalization, SDLC transformation, and BA competency transformation services.

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Institutional Ownership by Quarter for Virtusa (NASDAQ:VRTU)

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