Renaissance Technologies LLC grew its position in shares of Virtusa Co. (NASDAQ:VRTU) by 196.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 428,201 shares of the information technology services provider’s stock after purchasing an additional 283,701 shares during the period. Renaissance Technologies LLC owned approximately 1.44% of Virtusa worth $20,845,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of VRTU. SG Americas Securities LLC purchased a new position in shares of Virtusa during the first quarter valued at about $107,000. Fortis Advisors LLC purchased a new position in shares of Virtusa during the first quarter valued at about $116,000. Stevens Capital Management LP purchased a new position in shares of Virtusa during the first quarter valued at about $209,000. LPL Financial LLC purchased a new position in shares of Virtusa during the first quarter valued at about $219,000. Finally, Amalgamated Bank purchased a new position in shares of Virtusa during the second quarter valued at about $223,000. Hedge funds and other institutional investors own 86.79% of the company’s stock.

VRTU opened at $54.32 on Tuesday. The stock has a market capitalization of $1.59 billion, a P/E ratio of 61.03, a P/E/G ratio of 1.68 and a beta of 1.27. Virtusa Co. has a 12 month low of $34.79 and a 12 month high of $58.60. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.68.

Virtusa (NASDAQ:VRTU) last released its quarterly 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. The company had revenue of $300.00 million during the quarter, compared to analyst estimates of $298.00 million. Virtusa had a positive return on equity of 7.38% and a negative net margin of 0.80%. The firm’s revenue was up 32.0% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. analysts anticipate that Virtusa Co. will post 1.59 earnings per share for the current year.

VRTU has been the subject of several recent research reports. Zacks Investment Research upgraded Virtusa from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Sunday, July 15th. Barrington Research set a $64.00 price target on Virtusa and gave the stock a “buy” rating in a research report on Friday, August 10th. BidaskClub lowered Virtusa from a “buy” rating to a “hold” rating in a research report on Thursday, September 20th. Cantor Fitzgerald reiterated a “buy” rating and issued a $60.00 price target on shares of Virtusa in a research report on Tuesday, May 29th. Finally, Wedbush lifted their price target on Virtusa from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Friday, August 31st. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Virtusa has a consensus rating of “Buy” and an average target price of $62.00.

In other Virtusa news, President Samir Dhir sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $52.89, for a total value of $211,560.00. Following the completion of the sale, the president now owns 129,045 shares of the company’s stock, valued at $6,825,190.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kris A. Canekeratne sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $53.17, for a total transaction of $159,510.00. Following the completion of the sale, the chief executive officer now directly owns 722,691 shares of the company’s stock, valued at approximately $38,425,480.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,000 shares of company stock valued at $1,163,670. 5.11% of the stock is currently owned by company 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.

Read More: Intrinsic Value and Stock Selection

Institutional Ownership by Quarter for Virtusa (NASDAQ:VRTU)

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