Robert E. Davoli Sells 2,941 Shares of Virtusa Corporation (VRTU) Stock
Virtusa Corporation (NASDAQ:VRTU) Director Robert E. Davoli sold 2,941 shares of Virtusa Corporation stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $35.39, for a total value of $104,081.99. Following the sale, the director now directly owns 14,442 shares of the company’s stock, valued at approximately $511,102.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Virtusa Corporation (NASDAQ:VRTU) opened at 35.35 on Friday. Virtusa Corporation has a 52 week low of $18.03 and a 52 week high of $37.66. The firm’s 50-day moving average price is $33.64 and its 200 day moving average price is $30.70. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 51.16 and a beta of 1.71.
Virtusa Corporation (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 the consensus estimate of $0.16 by $0.09. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The company had revenue of $227.30 million during the quarter, compared to analysts’ expectations of $224.46 million. During the same quarter in the prior year, the company earned $0.18 EPS. Virtusa Corporation’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Virtusa Corporation will post $1.55 EPS for the current year.
Virtusa Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 3rd that allows the company to buyback $30.00 million in shares. This buyback authorization allows the information technology services provider to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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Hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Virtusa Corporation during the fourth quarter valued at about $4,795,000. Louisiana State Employees Retirement System boosted its stake in shares of Virtusa Corporation by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the information technology services provider’s stock valued at $338,000 after buying an additional 100 shares in the last quarter. UMB Bank N A MO boosted its stake in shares of Virtusa Corporation by 13.9% in the first quarter. UMB Bank N A MO now owns 11,500 shares of the information technology services provider’s stock valued at $348,000 after buying an additional 1,400 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Virtusa Corporation by 19.4% in the first quarter. Wells Fargo & Company MN now owns 22,615 shares of the information technology services provider’s stock valued at $684,000 after buying an additional 3,668 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Virtusa Corporation by 2.9% in the first quarter. Great West Life Assurance Co. Can now owns 38,069 shares of the information technology services provider’s stock valued at $1,149,000 after buying an additional 1,087 shares in the last quarter. 94.50% of the stock is owned by institutional investors.
Several research firms recently issued reports on VRTU. Needham & Company LLC reissued a “buy” rating and set a $43.00 price objective (up previously from $38.00) on shares of Virtusa Corporation in a research note on Saturday, August 19th. Zacks Investment Research lowered Virtusa Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 15th. Cantor Fitzgerald reissued a “buy” rating and set a $37.00 price objective on shares of Virtusa Corporation in a research note on Friday, August 11th. Barrington Research lifted their price objective on Virtusa Corporation from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, August 9th. Finally, Maxim Group reissued a “hold” rating on shares of Virtusa Corporation in a research note on Tuesday, August 8th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $37.00.
About Virtusa Corporation
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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