GW&K Investment Management LLC grew its stake in shares of Virtusa Co. (NASDAQ:VRTU) by 25.1% in the third quarter, Holdings Channel reports. The institutional investor owned 1,007,910 shares of the information technology services provider’s stock after purchasing an additional 201,912 shares during the period. GW&K Investment Management LLC’s holdings in Virtusa were worth $36,305,000 as of its most recent filing with the SEC.
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Other institutional investors and hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Virtusa by 1,640.5% during the second quarter. Tower Research Capital LLC TRC now owns 644 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 607 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Virtusa during the second quarter valued at about $42,000. Financial Gravity Wealth Inc. acquired a new position in shares of Virtusa during the second quarter valued at about $56,000. Oppenheimer Asset Management Inc. raised its position in shares of Virtusa by 35.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock valued at $66,000 after buying an additional 390 shares during the last quarter. Finally, Quantamental Technologies LLC acquired a new position in shares of Virtusa during the second quarter valued at about $79,000. 88.12% of the stock is owned by institutional investors and hedge funds.
In other Virtusa news, CEO Kris A. Canekeratne sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $36.57, for a total value of $548,550.00. Following the transaction, the chief executive officer now directly owns 706,748 shares of the company’s stock, valued at $25,845,774.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Samir Dhir sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were 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 in the company, valued at $5,665,879.80. The disclosure for this sale can be found here. Insiders have sold 30,500 shares of company stock worth $1,108,640 over the last three months. 4.73% of the stock is owned by insiders.
VRTU has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Virtusa from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. Zacks Investment Research reaffirmed a “hold” rating on shares of Virtusa in a research report on Saturday, October 12th. BidaskClub raised shares of Virtusa from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. ValuEngine lowered shares of Virtusa from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Finally, Barrington Research reaffirmed a “buy” rating and set a $60.00 price objective on shares of Virtusa in a research report on Tuesday, September 17th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $53.29.
NASDAQ:VRTU traded up $2.93 during mid-day trading on Friday, hitting $42.71. The company’s stock had a trading volume of 488,100 shares, compared to its average volume of 171,613. Virtusa Co. has a fifty-two week low of $31.99 and a fifty-two week high of $57.00. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average of $36.53 and a 200-day moving average of $41.78. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 29.25, a P/E/G ratio of 1.14 and a beta of 1.19.
Virtusa (NASDAQ:VRTU) last released its quarterly earnings results on Thursday, November 7th. The information technology services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.20. Virtusa had a net margin of 2.23% and a return on equity of 11.67%. The business had revenue of $328.50 million for the quarter, compared to analysts’ expectations of $327.07 million. On average, equities analysts anticipate that Virtusa Co. will post 1.93 earnings per share for the current fiscal year.
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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