Virtusa Co. (NASDAQ:VRTU) CEO Kris A. Canekeratne Sells 7,500 Shares

Virtusa Co. (NASDAQ:VRTU) CEO Kris A. Canekeratne sold 7,500 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $44.19, for a total value of $331,425.00. Following the completion of the transaction, the chief executive officer now owns 723,926 shares of the company’s stock, valued at approximately $31,990,289.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Shares of NASDAQ VRTU traded down $1.06 during trading on Friday, reaching $43.16. 105,516 shares of the stock traded hands, compared to its average volume of 162,333. Virtusa Co. has a 52-week low of $37.80 and a 52-week high of $58.60. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.71 and a quick ratio of 2.71. The stock has a market capitalization of $1.33 billion, a PE ratio of 29.56, a P/E/G ratio of 1.10 and a beta of 1.23.

Virtusa (NASDAQ:VRTU) last issued its quarterly earnings results on Wednesday, May 15th. The information technology services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.06). Virtusa had a net margin of 1.29% and a return on equity of 11.81%. The firm had revenue of $327.60 million for the quarter, compared to analysts’ expectations of $330.91 million. During the same period in the prior year, the company earned $0.55 EPS. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities analysts expect that Virtusa Co. will post 2.01 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of VRTU. GW&K Investment Management LLC purchased a new position in shares of Virtusa during the 4th quarter valued at $24,231,000. Norges Bank purchased a new position in shares of Virtusa during the 4th quarter valued at $15,553,000. Hillcrest Asset Management LLC purchased a new position in shares of Virtusa during the 4th quarter valued at $8,879,000. Portolan Capital Management LLC lifted its position in shares of Virtusa by 244.4% during the 4th quarter. Portolan Capital Management LLC now owns 241,021 shares of the information technology services provider’s stock valued at $10,265,000 after buying an additional 171,034 shares during the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new position in shares of Virtusa during the 4th quarter valued at $6,792,000. 87.73% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Virtusa from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Wednesday, May 22nd. Wedbush restated an “outperform” rating and issued a $60.00 price objective (down previously from $70.00) on shares of Virtusa in a research note on Thursday, May 16th. ValuEngine downgraded Virtusa from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. Needham & Company LLC restated a “strong-buy” rating and issued a $60.00 price objective on shares of Virtusa in a research note on Thursday, May 16th. Finally, BidaskClub downgraded Virtusa from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $56.83.

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Virtusa Company 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.

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