Rice Hall James & Associates LLC cut its position in shares of Virtusa Corporation (NASDAQ:VRTU) by 5.8% during the second quarter, Holdings Channel reports. The fund owned 90,573 shares of the information technology services provider’s stock after selling 5,596 shares during the period. Rice Hall James & Associates LLC’s holdings in Virtusa Corporation were worth $2,663,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in shares of Virtusa Corporation by 4.9% in the first quarter. Ameriprise Financial Inc. now owns 145,797 shares of the information technology services provider’s stock worth $4,406,000 after buying an additional 6,754 shares during the last quarter. Karp Capital Management Corp purchased a new stake in shares of Virtusa Corporation during the first quarter worth $295,000. BNP Paribas Arbitrage SA boosted its stake in shares of Virtusa Corporation by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock worth $186,000 after buying an additional 522 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Virtusa Corporation by 30.4% in the first quarter. First Trust Advisors LP now owns 61,035 shares of the information technology services provider’s stock worth $1,844,000 after buying an additional 14,228 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Virtusa Corporation by 69.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 35,119 shares of the information technology services provider’s stock worth $1,061,000 after buying an additional 14,333 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Shares of Virtusa Corporation (NASDAQ VRTU) opened at 35.99 on Monday. Virtusa Corporation has a one year low of $18.03 and a one year high of $36.08. The firm’s 50-day moving average price is $31.89 and its 200-day moving average price is $29.97. The stock has a market capitalization of $1.05 billion, a P/E ratio of 52.08 and a beta of 1.71.

Virtusa Corporation (NASDAQ:VRTU) last posted its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.09. The company had revenue of $227.30 million during the quarter, compared to analysts’ expectations of $224.46 million. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 EPS. Equities research analysts anticipate that Virtusa Corporation will post $1.53 EPS for the current fiscal year.

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

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A number of research analysts recently issued reports on the company. Cantor Fitzgerald reiterated a “buy” rating and issued a $37.00 target price on shares of Virtusa Corporation in a report on Friday. Cowen and Company reiterated a “buy” rating and issued a $36.00 target price on shares of Virtusa Corporation in a report on Friday, July 28th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Virtusa Corporation in a report on Thursday. BidaskClub upgraded Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Finally, Barrington Research lifted their target price on Virtusa Corporation from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. Three equities 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’s stock. The company presently has an average rating of “Buy” and a consensus target price of $36.38.

In other Virtusa Corporation news, EVP Thomas R. Holler sold 29,873 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $28.00, for a total value of $836,444.00. Following the completion of the transaction, the executive vice president now directly owns 45,716 shares of the company’s stock, valued at approximately $1,280,048. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Roger Keith Modder sold 24,242 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $29.10, for a total transaction of $705,442.20. Following the completion of the transaction, the chief operating officer now directly owns 191,423 shares of the company’s stock, valued at $5,570,409.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,115 shares of company stock valued at $4,818,066. 5.96% of the stock is currently owned by corporate insiders.

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

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