VRTU has been the subject of a number of other reports. ValuEngine downgraded Virtusa from a buy rating to a hold rating in a report on Saturday, August 10th. Needham & Company LLC downgraded Virtusa from a strong-buy rating to a buy rating and decreased their price objective for the stock from $50.00 to $48.00 in a report on Tuesday, September 10th. JPMorgan Chase & Co. decreased their price objective on Virtusa from $49.00 to $48.00 and set an overweight rating for the company in a report on Monday, October 7th. Barrington Research reissued a buy rating and set a $60.00 price target on shares of Virtusa in a research report on Tuesday, September 17th. Finally, Zacks Investment Research reissued a hold rating on shares of Virtusa in a research report on Saturday, October 12th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $53.29.
Shares of NASDAQ:VRTU traded up $2.93 during mid-day trading on Tuesday, reaching $42.71. 488,100 shares of the stock were exchanged, compared to its average volume of 171,613. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.20 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.14 and a beta of 1.19. Virtusa has a one year low of $31.99 and a one year high of $57.00. The stock’s 50 day simple moving average is $36.53 and its 200-day simple moving average is $41.78.
In related news, insider Samir Dhir sold 4,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $35.91, for a total transaction of $143,640.00. Following the completion of the transaction, the insider now directly owns 157,780 shares of the company’s stock, valued at $5,665,879.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kris A. Canekeratne sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $35.50, for a total value of $266,250.00. Following the completion of the sale, the chief executive officer now directly owns 706,748 shares of the company’s stock, valued at $25,089,554. The disclosure for this sale can be found here. Insiders have sold 30,500 shares of company stock valued at $1,108,640 over the last three months. Insiders own 4.73% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in VRTU. Nuveen Asset Management LLC acquired a new stake in shares of Virtusa in the second quarter valued at approximately $16,669,000. GW&K Investment Management LLC lifted its position in shares of Virtusa by 38.6% in the second quarter. GW&K Investment Management LLC now owns 805,998 shares of the information technology services provider’s stock valued at $35,810,000 after buying an additional 224,654 shares during the last quarter. Morgan Stanley lifted its position in shares of Virtusa by 948.2% in the second quarter. Morgan Stanley now owns 153,502 shares of the information technology services provider’s stock valued at $6,820,000 after buying an additional 138,858 shares during the last quarter. AMI Asset Management Corp lifted its position in shares of Virtusa by 48.7% in the second quarter. AMI Asset Management Corp now owns 336,948 shares of the information technology services provider’s stock valued at $14,971,000 after buying an additional 110,391 shares during the last quarter. Finally, BlackRock Inc. lifted its position in shares of Virtusa by 2.3% in the second quarter. BlackRock Inc. now owns 4,112,285 shares of the information technology services provider’s stock valued at $182,708,000 after buying an additional 93,202 shares during the last quarter. 88.12% of the stock is owned by institutional investors.
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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