KBC Group NV lowered its holdings in Virtusa Co. (NASDAQ:VRTU) by 41.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,682 shares of the information technology services provider’s stock after selling 14,375 shares during the quarter. KBC Group NV owned 0.06% of Virtusa worth $919,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in VRTU. Financial Gravity Wealth Inc. bought a new position in Virtusa in the 2nd quarter valued at $56,000. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Virtusa in the 1st quarter valued at about $90,000. Sawgrass Asset Management LLC acquired a new position in Virtusa during the 1st quarter valued at about $257,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Virtusa in the 2nd quarter worth approximately $244,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Virtusa during the 2nd quarter valued at $255,000. 88.27% of the stock is currently owned by hedge funds and other institutional investors.
In other Virtusa news, insider Samir Dhir sold 4,000 shares of Virtusa stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $35.91, for a total value of $143,640.00. Following the transaction, the insider now directly owns 157,780 shares of the company’s stock, valued at approximately $5,665,879.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kris A. Canekeratne sold 7,500 shares of Virtusa stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $44.31, for a total value of $332,325.00. Following the sale, the chief executive officer now directly owns 723,926 shares in the company, valued at approximately $32,077,161.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,500 shares of company stock worth $1,024,515. Company insiders own 4.73% of the company’s stock.
VRTU has been the subject of a number of analyst reports. TheStreet downgraded shares of Virtusa from a “b-” rating to a “c+” rating in a research note on Wednesday, May 29th. Barrington Research reiterated an “outperform” rating and issued a $60.00 price target (down from $64.00) on shares of Virtusa in a report on Monday, August 12th. BidaskClub upgraded shares of Virtusa from a “hold” rating to a “buy” rating in a report on Thursday. Wedbush restated an “outperform” rating and issued a $60.00 target price (down from $70.00) on shares of Virtusa in a report on Thursday, May 16th. Finally, Needham & Company LLC downgraded shares of Virtusa from a “strong-buy” rating to a “buy” rating and reduced their target price for the stock from $50.00 to $48.00 in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Virtusa presently has an average rating of “Buy” and an average price target of $54.17.
Shares of VRTU stock traded down $0.14 during trading on Friday, reaching $40.11. The company had a trading volume of 199 shares, compared to its average volume of 263,176. The firm’s 50 day simple moving average is $38.87 and its two-hundred day simple moving average is $46.34. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.58 and a quick ratio of 2.58. Virtusa Co. has a one year low of $31.99 and a one year high of $58.60. The company has a market capitalization of $1.24 billion, a PE ratio of 27.60, a PEG ratio of 1.18 and a beta of 1.20.
Virtusa (NASDAQ:VRTU) last issued its quarterly earnings data on Thursday, August 8th. The information technology services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Virtusa had a return on equity of 11.67% and a net margin of 2.23%. The business had revenue of $319.00 million for the quarter, compared to the consensus estimate of $317.59 million. During the same period last year, the business earned $0.50 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. Analysts forecast that Virtusa Co. will post 1.93 earnings per share for the current year.
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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