Municipal Employees Retirement System of Michigan continued to hold its stake in Virtusa Corporation (NASDAQ:VRTU) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,250 shares of the information technology services provider’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in Virtusa Corporation were worth $189,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of Virtusa Corporation by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,365,189 shares of the information technology services provider’s stock worth $34,293,000 after buying an additional 66,636 shares during the period. Frontier Capital Management Co. LLC increased its stake in shares of Virtusa Corporation by 38.1% in the first quarter. Frontier Capital Management Co. LLC now owns 859,185 shares of the information technology services provider’s stock worth $25,965,000 after buying an additional 237,129 shares during the period. State Street Corp increased its stake 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 worth $15,443,000 after buying an additional 34,997 shares during the period. Pzena Investment Management LLC increased its stake in shares of Virtusa Corporation by 32.7% in the first quarter. Pzena Investment Management LLC now owns 541,256 shares of the information technology services provider’s stock worth $16,357,000 after buying an additional 133,425 shares during the period. Finally, Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Virtusa Corporation during the first quarter worth about $7,699,000. Hedge funds and other institutional investors own 84.49% of the company’s stock.

Shares of Virtusa Corporation (NASDAQ VRTU) traded down 3.80% on Monday, hitting $31.88. The stock had a trading volume of 416,905 shares. The company has a 50 day moving average price of $31.05 and a 200-day moving average price of $29.66. The stock has a market cap of $960.19 million, a PE ratio of 81.74 and a beta of 1.71. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $34.92.

Virtusa Corporation (NASDAQ:VRTU) last announced its quarterly earnings data on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by $0.02. The business had revenue of $226 million during the quarter, compared to analyst estimates of $226.67 million. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The company’s revenue for the quarter was up 31.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 EPS. On average, equities research analysts anticipate that Virtusa Corporation will post $1.54 earnings per share for the current year.

Virtusa Corporation declared that its board has approved a stock repurchase program on Wednesday, May 3rd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the information technology services provider to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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A number of equities research analysts recently issued reports on VRTU shares. BidaskClub upgraded Virtusa Corporation from a “hold” rating to a “buy” rating in a research report on Sunday, July 16th. Zacks Investment Research upgraded Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research report on Wednesday, July 19th. Barrington Research set a $35.00 price target on Virtusa Corporation and gave the company a “buy” rating in a research report on Thursday, May 25th. ValuEngine upgraded Virtusa Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, SunTrust Banks, Inc. set a $32.00 price target on Virtusa Corporation and gave the company a “buy” rating in a research report on Friday, May 19th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $34.38.

In other Virtusa Corporation news, CEO Kris A. Canekeratne sold 74,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 780,315 shares in the company, valued at approximately $22,441,859.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas R. Holler sold 29,873 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $28.00, for a total transaction of $836,444.00. Following the transaction, the executive vice president now owns 45,716 shares of the company’s stock, valued at approximately $1,280,048. The disclosure for this sale can be found here. Insiders sold 166,115 shares of company stock valued at $4,818,066 in the last 90 days. Company insiders own 5.96% of the company’s stock.

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.

Institutional Ownership by Quarter for Virtusa Corporation (NASDAQ:VRTU)

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