Mesirow Financial Investment Management Equity Management trimmed its holdings in Virtusa Co. (NASDAQ:VRTU) by 20.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 268,592 shares of the information technology services provider’s stock after selling 67,890 shares during the period. Mesirow Financial Investment Management Equity Management’s holdings in Virtusa were worth $14,426,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado lifted its position in shares of Virtusa by 21.9% in the third quarter. Public Employees Retirement Association of Colorado now owns 290,083 shares of the information technology services provider’s stock valued at $15,580,000 after buying an additional 52,083 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Virtusa in the third quarter valued at approximately $2,308,000. Russell Investments Group Ltd. lifted its position in shares of Virtusa by 20.8% in the third quarter. Russell Investments Group Ltd. now owns 111,908 shares of the information technology services provider’s stock valued at $6,010,000 after buying an additional 19,270 shares during the last quarter. Alps Advisors Inc. lifted its position in shares of Virtusa by 26.5% in the third quarter. Alps Advisors Inc. now owns 18,405 shares of the information technology services provider’s stock valued at $989,000 after buying an additional 3,859 shares during the last quarter. Finally, Alpha Windward LLC acquired a new stake in shares of Virtusa in the third quarter valued at approximately $538,000. 86.94% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on VRTU. Cantor Fitzgerald raised their price objective on Virtusa from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 10th. Needham & Company LLC lifted their price target on Virtusa from $65.00 to $68.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 9th. BidaskClub raised Virtusa from a “hold” rating to a “buy” rating in a report on Friday, July 13th. Barrington Research reissued a “buy” rating and set a $55.00 price target on shares of Virtusa in a report on Thursday, August 2nd. Finally, Wedbush lifted their price target on Virtusa from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, August 31st. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Virtusa presently has a consensus rating of “Buy” and a consensus price target of $62.00.
Virtusa (NASDAQ:VRTU) last released its quarterly earnings results on Wednesday, August 8th. The information technology services provider reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.03. The business had revenue of $300.00 million during the quarter, compared to analysts’ expectations of $298.00 million. Virtusa had a positive return on equity of 7.38% and a negative net margin of 0.80%. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period last year, the firm posted $0.25 EPS. As a group, equities research analysts forecast that Virtusa Co. will post 1.59 earnings per share for the current year.
In other Virtusa news, CEO Kris A. Canekeratne sold 3,000 shares of Virtusa stock in a transaction on Friday, August 17th. The stock was sold at an average price of $53.17, for a total value of $159,510.00. Following the completion of the transaction, the chief executive officer now directly owns 722,691 shares of the company’s stock, valued at approximately $38,425,480.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Samir Dhir sold 4,000 shares of Virtusa stock in a transaction on Monday, August 13th. The shares were sold at an average price of $52.89, for a total value of $211,560.00. Following the completion of the transaction, the president now directly owns 129,045 shares of the company’s stock, valued at $6,825,190.05. The disclosure for this sale can be found here. Company insiders own 5.11% of the company’s stock.
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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