Virtusa Co. (VRTU) Shares Bought by Renaissance Technologies LLC
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.
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 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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