Insider Selling: Virtusa Corporation (VRTU) CEO Sells $835,120.00 in Stock
Virtusa Corporation (NASDAQ:VRTU) CEO Kris A. Canekeratne sold 22,000 shares of Virtusa Corporation stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $37.96, for a total value of $835,120.00. Following the completion of the sale, the chief executive officer now owns 577,491 shares in the company, valued at approximately $21,921,558.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Virtusa Corporation (NASDAQ:VRTU) traded down 0.97% on Tuesday, hitting $37.87. The stock had a trading volume of 153,117 shares. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 54.80 and a beta of 1.67. Virtusa Corporation has a one year low of $18.03 and a one year high of $38.31. The company’s 50-day moving average price is $36.22 and its 200 day moving average price is $31.85.
Virtusa Corporation (NASDAQ:VRTU) last released its earnings results on Tuesday, August 8th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.09. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. The firm had revenue of $227.30 million during the quarter, compared to the consensus estimate of $224.46 million. During the same period in the previous year, the firm earned $0.18 earnings per share. Virtusa Corporation’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Virtusa Corporation will post $1.53 earnings per share for the current year.
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A number of research firms have recently weighed in on VRTU. Zacks Investment Research upgraded Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Wednesday, July 19th. BidaskClub downgraded Virtusa Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Cowen and Company restated a “buy” rating and issued a $36.00 price objective on shares of Virtusa Corporation in a report on Friday, July 28th. Barrington Research boosted their price objective on shares of Virtusa Corporation from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $37.00 price objective on shares of Virtusa Corporation in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Virtusa Corporation presently has an average rating of “Buy” and an average target price of $37.00.
Several institutional investors and hedge funds have recently made changes to their positions in the business. US Bancorp DE grew its stake in shares of Virtusa Corporation by 10.3% during the 2nd quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock valued at $103,000 after buying an additional 327 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Virtusa Corporation during the 2nd quarter worth $120,000. State of Alaska Department of Revenue increased its holdings in shares of Virtusa Corporation by 79.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 5,470 shares of the information technology services provider’s stock worth $160,000 after buying an additional 2,430 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Virtusa Corporation by 9.2% during the 1st 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. Finally, Mason Street Advisors LLC increased its holdings in shares of Virtusa Corporation by 7.0% during the 1st quarter. Mason Street Advisors LLC now owns 6,445 shares of the information technology services provider’s stock worth $195,000 after buying an additional 422 shares during the last quarter. Institutional investors own 92.06% 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.
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