Schwab Charles Investment Management Inc. increased its position in shares of Virtusa Corporation (NASDAQ:VRTU) by 6.0% during the first quarter, Holdings Channel reports. The institutional investor owned 117,027 shares of the information technology services provider’s stock after buying an additional 6,579 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Virtusa Corporation were worth $3,537,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Karp Capital Management Corp bought a new stake in shares of Virtusa Corporation during the first quarter worth $295,000. BNP Paribas Arbitrage SA raised 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 in the last quarter. First Trust Advisors LP raised 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 in the last quarter. State Board of Administration of Florida Retirement System raised 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 in the last quarter. Finally, Great West Life Assurance Co. Can raised 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 worth $1,149,000 after buying an additional 1,087 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Virtusa Corporation (NASDAQ VRTU) traded up 0.35% during trading on Thursday, hitting $36.96. 26,251 shares of the stock traded hands. The company has a 50-day moving average price of $32.49 and a 200-day moving average price of $30.22. The stock has a market cap of $1.08 billion, a PE ratio of 53.49 and a beta of 1.71. Virtusa Corporation has a 12 month low of $18.03 and a 12 month high of $37.66.

Virtusa Corporation (NASDAQ:VRTU) last issued its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $227.30 million during the quarter, compared to analyst estimates of $224.46 million. During the same period in the prior year, the business earned $0.18 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts expect that Virtusa Corporation will post $1.55 EPS for the current year.

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

TRADEMARK VIOLATION WARNING: This story was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://www.thecerbatgem.com/2017/08/17/virtusa-corporation-vrtu-shares-bought-by-schwab-charles-investment-management-inc.html.

A number of brokerages have weighed in on VRTU. Zacks Investment Research lowered shares of Virtusa Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday. Cantor Fitzgerald restated a “buy” rating and issued a $37.00 target price on shares of Virtusa Corporation in a research report on Friday, August 11th. Cowen and Company restated a “buy” rating and issued a $36.00 target price on shares of Virtusa Corporation in a research report on Friday, July 28th. Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Virtusa Corporation in a research report on Thursday, August 10th. Finally, BidaskClub upgraded shares of Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Virtusa Corporation has an average rating of “Buy” and an average 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 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 completion of the transaction, the executive vice president now directly owns 45,716 shares in the company, valued at approximately $1,280,048. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kris A. Canekeratne sold 74,000 shares of the company’s stock in a transaction on Friday, June 9th. The stock was 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 of the company’s stock, valued at $22,441,859.40. The disclosure for this sale can be found here. Insiders sold a total of 205,641 shares of company stock valued at $6,216,290 over the last 90 days. Company insiders own 5.96% 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.

Want to see what other hedge funds are holding VRTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Virtusa Corporation (NASDAQ:VRTU).

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

Receive News & Stock Ratings for Virtusa Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtusa Corporation and related stocks with our FREE daily email newsletter.