State of Tennessee Treasury Department Raises Stock Position in Virtusa Co. (NASDAQ:VRTU)

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State of Tennessee Treasury Department raised its stake in shares of Virtusa Co. (NASDAQ:VRTU) by 42.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,804 shares of the information technology services provider’s stock after purchasing an additional 4,723 shares during the quarter. State of Tennessee Treasury Department’s holdings in Virtusa were worth $569,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Oppenheimer Asset Management Inc. increased its position in Virtusa by 35.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 390 shares during the period. Arizona State Retirement System grew its position in shares of Virtusa by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 43,029 shares of the information technology services provider’s stock worth $1,912,000 after buying an additional 564 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Virtusa by 1,640.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 644 shares of the information technology services provider’s stock worth $29,000 after buying an additional 607 shares during the period. Campbell Newman Asset Management Inc. grew its position in shares of Virtusa by 7.2% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 10,801 shares of the information technology services provider’s stock worth $480,000 after buying an additional 723 shares during the period. Finally, Municipal Employees Retirement System of Michigan grew its position in shares of Virtusa by 10.6% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 9,070 shares of the information technology services provider’s stock worth $327,000 after buying an additional 870 shares during the period. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Shares of VRTU stock opened at $43.01 on Friday. Virtusa Co. has a one year low of $31.99 and a one year high of $57.00. The company’s 50-day moving average is $37.11 and its 200 day moving average is $41.46. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 29.46, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.58 and a current ratio of 2.65.

Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data 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 2.63% and a return on equity of 11.76%. The company had revenue of $328.50 million for the quarter, compared to the consensus estimate of $327.07 million. As a group, research analysts predict that Virtusa Co. will post 2.06 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Virtusa from $49.00 to $48.00 and set an “overweight” rating on the stock 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. ValuEngine downgraded shares of Virtusa from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. BidaskClub raised shares of Virtusa from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Barrington Research reaffirmed a “buy” rating and issued a $60.00 target price on shares of Virtusa in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $53.29.

In related news, insider Samir Dhir sold 4,000 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $35.91, for a total transaction of $143,640.00. Following the sale, the insider now directly owns 157,780 shares of the company’s stock, valued at approximately $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 stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $35.50, for a total transaction of $266,250.00. Following the sale, the chief executive officer now directly owns 706,748 shares in the company, valued at $25,089,554. The disclosure for this sale can be found here. Insiders have sold a total of 57,922 shares of company stock worth $2,286,725 over the last three months. 4.73% of the stock is currently owned by insiders.

Virtusa 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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