Metropolitan Life Insurance Co. NY held its stake in Virtusa Co. (NASDAQ:VRTU) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,491 shares of the information technology services provider’s stock at the end of the first quarter. Metropolitan Life Insurance Co. NY owned 0.06% of Virtusa worth $529,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in VRTU. BNP Paribas Arbitrage SA increased its stake in Virtusa by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock worth $186,000 after buying an additional 522 shares during the period. Mason Street Advisors LLC increased its stake in Virtusa by 7.0% in the first quarter. Mason Street Advisors LLC now owns 6,445 shares of the information technology services provider’s stock worth $195,000 after buying an additional 422 shares during the period. Atria Investments LLC purchased a new stake in Virtusa during the first quarter worth $203,000. Miles Capital Inc. increased its stake in Virtusa by 1.7% in the first quarter. Miles Capital Inc. now owns 9,019 shares of the information technology services provider’s stock worth $273,000 after buying an additional 154 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in Virtusa during the first quarter worth $295,000. Hedge funds and other institutional investors own 84.49% of the company’s stock.
Shares of Virtusa Co. (NASDAQ:VRTU) traded up 0.80% during midday trading on Friday, hitting $35.30. The stock had a trading volume of 56,054 shares. Virtusa Co. has a 52 week low of $18.03 and a 52 week high of $35.44. The stock has a 50-day moving average of $31.72 and a 200 day moving average of $29.91. The stock has a market cap of $1.03 billion, a PE ratio of 51.09 and a beta of 1.71.
Virtusa (NASDAQ:VRTU) last announced its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.09. Virtusa had a net margin of 2.04% and a return on equity of 2.43%. The firm had revenue of $227.30 million for the quarter, compared to analysts’ expectations of $224.46 million. During the same period last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts anticipate that Virtusa Co. will post $1.53 EPS for the current fiscal year.
Virtusa declared that its Board of Directors has initiated a share repurchase plan 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 plans are usually an indication that the company’s board believes its shares are undervalued.
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VRTU has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Virtusa in a research report on Thursday. Cowen and Company restated a “buy” rating and issued a $36.00 target price on shares of Virtusa in a research report on Friday, July 28th. Barrington Research set a $35.00 target price on Virtusa and gave the stock a “buy” rating in a research report on Thursday, May 25th. SunTrust Banks, Inc. set a $32.00 target price on Virtusa and gave the stock a “buy” rating in a research report on Friday, May 19th. Finally, Zacks Investment Research upgraded Virtusa from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Virtusa currently has an average rating of “Buy” and a consensus price target of $35.00.
In other Virtusa news, CEO Kris A. Canekeratne sold 74,000 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $28.76, for a total value of $2,128,240.00. Following the transaction, the chief executive officer now directly owns 780,315 shares of the company’s stock, valued at $22,441,859.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Kris A. Canekeratne sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.63, for a total transaction of $403,560.00. Following the completion of the transaction, the chief executive officer now directly owns 587,920 shares in the company, valued at $19,771,749.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,115 shares of company stock worth $4,818,066. Insiders own 5.96% of the company’s stock.
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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