Virtusa Co. (VRTU) CEO Sells $468,500.00 in Stock

Virtusa Co. (NASDAQ:VRTU) CEO Kris A. Canekeratne sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, January 16th. The stock was sold at an average price of $46.85, for a total transaction of $468,500.00. Following the sale, the chief executive officer now owns 661,387 shares of the company’s stock, valued at approximately $30,985,980.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

NASDAQ:VRTU opened at $46.75 on Friday. Virtusa Co. has a 52 week low of $37.80 and a 52 week high of $58.60. The stock has a market cap of $1.40 billion, a P/E ratio of 52.53, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The company has a debt-to-equity ratio of 0.88, a quick ratio of 2.44 and a current ratio of 2.44.

Virtusa (NASDAQ:VRTU) last released its quarterly earnings results on Thursday, November 8th. The information technology services provider reported $0.54 EPS for the quarter, hitting analysts’ consensus estimates of $0.54. Virtusa had a negative net margin of 1.04% and a positive return on equity of 9.03%. The business had revenue of $305.50 million for the quarter, compared to analyst estimates of $306.37 million. During the same period last year, the firm earned $0.35 earnings per share. Virtusa’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities research analysts anticipate that Virtusa Co. will post 1.54 earnings per share for the current year.

A number of research firms have recently issued reports on VRTU. ValuEngine cut shares of Virtusa from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. Barrington Research set a $64.00 target price on shares of Virtusa and gave the stock a “buy” rating in a research note on Friday, October 5th. BidaskClub cut shares of Virtusa from a “hold” rating to a “sell” rating in a research note on Friday, November 16th. Finally, SunTrust Banks upgraded shares of Virtusa from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Thursday, November 29th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Virtusa presently has a consensus rating of “Buy” and a consensus price target of $61.29.

Hedge funds have recently added to or reduced their stakes in the business. Campbell Newman Asset Management Inc. acquired a new position in shares of Virtusa in the 4th quarter worth approximately $419,000. Gradient Investments LLC bought a new stake in shares of Virtusa in the 4th quarter valued at $699,000. Summit Creek Advisors LLC increased its stake in shares of Virtusa by 37.9% in the 4th quarter. Summit Creek Advisors LLC now owns 242,582 shares of the information technology services provider’s stock valued at $10,332,000 after acquiring an additional 66,653 shares in the last quarter. Vanguard Group Inc increased its stake in shares of Virtusa by 2.4% in the 3rd quarter. Vanguard Group Inc now owns 2,352,310 shares of the information technology services provider’s stock valued at $126,343,000 after acquiring an additional 55,460 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Virtusa by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,352,310 shares of the information technology services provider’s stock valued at $126,343,000 after acquiring an additional 55,460 shares in the last quarter. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

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About Virtusa

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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