Virtusa Corporation (VRTU) Stake Reduced by Alliancebernstein L.P.
Alliancebernstein L.P. lowered its stake in Virtusa Corporation (NASDAQ:VRTU) by 8.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 504,633 shares of the information technology services provider’s stock after selling 48,510 shares during the period. Alliancebernstein L.P. owned 1.68% of Virtusa Corporation worth $15,250,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in shares of Virtusa Corporation during the fourth quarter valued at $1,731,000. Clough Capital Partners L P bought a new position in shares of Virtusa Corporation during the fourth quarter valued at $5,509,000. FIL Ltd raised its position in shares of Virtusa Corporation by 81.3% in the fourth quarter. FIL Ltd now owns 235,245 shares of the information technology services provider’s stock valued at $5,909,000 after buying an additional 105,502 shares in the last quarter. FMR LLC raised its position in shares of Virtusa Corporation by 0.3% in the fourth quarter. FMR LLC now owns 4,494,219 shares of the information technology services provider’s stock valued at $112,894,000 after buying an additional 13,963 shares in the last quarter. Finally, State Street Corp raised its position in shares of Virtusa Corporation by 6.0% in the fourth quarter. State Street Corp now owns 614,534 shares of the information technology services provider’s stock valued at $15,443,000 after buying an additional 34,997 shares in the last quarter. 92.05% of the stock is owned by institutional investors.
Virtusa Corporation (NASDAQ:VRTU) opened at 29.68 on Friday. The firm has a market capitalization of $893.93 million, a price-to-earnings ratio of 76.10 and a beta of 1.60. Virtusa Corporation has a 12-month low of $18.03 and a 12-month high of $35.58. The stock has a 50 day moving average of $29.68 and a 200 day moving average of $28.19.
Virtusa Corporation (NASDAQ:VRTU) last announced its quarterly earnings results on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.02. The business had revenue of $226 million during the quarter, compared to the consensus estimate of $226.67 million. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The company’s quarterly revenue was up 31.5% compared to the same quarter last year. During the same period last year, the firm earned $0.55 EPS. Equities research analysts anticipate that Virtusa Corporation will post $1.55 earnings per share for the current year.
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Several research analysts have weighed in on VRTU shares. Needham & Company LLC raised their price objective on shares of Virtusa Corporation from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 1st. Zacks Investment Research raised shares of Virtusa Corporation from a “sell” rating to a “hold” rating in a report on Saturday, February 18th. Cowen and Company raised shares of Virtusa Corporation from a “market perform” rating to an “outperform” rating and set a $38.00 price objective for the company in a report on Friday, March 24th. Maxim Group lowered shares of Virtusa Corporation from a “buy” rating to a “hold” rating in a report on Thursday, March 9th. Finally, Wedbush raised their price objective on shares of Virtusa Corporation from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $34.43.
In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the business’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $28.00, for a total value of $836,444.00. Following the sale, the executive vice president now owns 45,716 shares of the company’s stock, valued at approximately $1,280,048. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kris A. Canekeratne sold 74,000 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $28.76, for a total transaction of $2,128,240.00. Following the completion of the sale, the chief executive officer now directly owns 780,315 shares in the company, valued at approximately $22,441,859.40. The disclosure for this sale can be found here. Insiders sold a total of 154,115 shares of company stock worth $4,414,506 in the last three months. Insiders own 9.92% of the company’s stock.
Virtusa Corporation Company Profile
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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