California Public Employees Retirement System cut its holdings in shares of Virtusa Co. (NASDAQ:VRTU) by 7.1% in the 1st quarter, HoldingsChannel reports. The fund owned 99,128 shares of the information technology services provider’s stock after selling 7,556 shares during the period. California Public Employees Retirement System’s holdings in Virtusa were worth $4,804,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Castleark Management LLC acquired a new position in Virtusa in the fourth quarter worth about $6,608,000. BlackRock Inc. grew its stake in Virtusa by 4.4% in the first quarter. BlackRock Inc. now owns 3,557,764 shares of the information technology services provider’s stock worth $172,407,000 after purchasing an additional 149,520 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Virtusa in the fourth quarter worth about $5,547,000. Pier Capital LLC acquired a new position in Virtusa in the fourth quarter worth about $5,507,000. Finally, Wells Fargo & Company MN grew its stake in Virtusa by 232.7% in the first quarter. Wells Fargo & Company MN now owns 142,163 shares of the information technology services provider’s stock worth $6,889,000 after purchasing an additional 99,427 shares in the last quarter. Institutional investors own 85.61% of the company’s stock.
A number of equities analysts have commented on the company. BidaskClub downgraded Virtusa from a “buy” rating to a “hold” rating in a research note on Saturday, June 23rd. Barrington Research set a $55.00 target price on Virtusa and gave the company a “buy” rating in a research note on Tuesday, March 13th. SunTrust Banks downgraded Virtusa from a “buy” rating to a “hold” rating in a research note on Wednesday, April 4th. Cantor Fitzgerald restated a “buy” rating and issued a $60.00 target price on shares of Virtusa in a research note on Tuesday, May 29th. Finally, Needham & Company LLC upgraded Virtusa from a “buy” rating to a “strong-buy” rating and set a $65.00 target price for the company in a research note on Tuesday, April 10th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $57.88.
Shares of Virtusa opened at $47.98 on Thursday, Marketbeat Ratings reports. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.54 and a quick ratio of 2.53. Virtusa Co. has a 52 week low of $28.45 and a 52 week high of $54.21. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 53.91, a P/E/G ratio of 1.58 and a beta of 1.28.
Virtusa (NASDAQ:VRTU) last issued its earnings results on Tuesday, May 15th. The information technology services provider reported $0.55 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.55. The company had revenue of $281.30 million during the quarter, compared to the consensus estimate of $282.44 million. Virtusa had a return on equity of 5.94% and a net margin of 0.12%. Virtusa’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 earnings per share. analysts predict that Virtusa Co. will post 1.5 earnings per share for the current fiscal year.
In other news, Director William K. O’brien sold 14,074 shares of Virtusa stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $52.05, for a total transaction of $732,551.70. Following the sale, the director now owns 26,920 shares of the company’s stock, valued at $1,401,186. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Roger Keith Modder sold 14,000 shares of Virtusa stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $47.44, for a total value of $664,160.00. Following the sale, the chief operating officer now directly owns 176,239 shares in the company, valued at approximately $8,360,778.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,579 shares of company stock worth $3,730,739. Corporate insiders own 5.96% of the company’s stock.
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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