Dimensional Fund Advisors LP Boosts Position in Virtusa Corporation (NASDAQ:VRTU)

Dimensional Fund Advisors LP raised its stake in shares of Virtusa Corporation (NASDAQ:VRTU) by 10.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,505,787 shares of the information technology services provider’s stock after buying an additional 140,598 shares during the period. Dimensional Fund Advisors LP owned about 0.05% of Virtusa Corporation worth $45,504,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of VRTU. BNP Paribas Arbitrage SA raised its stake in Virtusa Corporation by 9.2% in the first quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the information technology services provider’s stock valued at $186,000 after buying an additional 522 shares during the period. Mason Street Advisors LLC raised its stake in Virtusa Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 6,445 shares of the information technology services provider’s stock valued at $195,000 after buying an additional 422 shares during the period. Atria Investments LLC acquired a new stake in Virtusa Corporation during the first quarter valued at about $203,000. Tudor Investment Corp Et Al acquired a new stake in Virtusa Corporation during the fourth quarter valued at about $236,000. Finally, Karp Capital Management Corp acquired a new stake in Virtusa Corporation during the first quarter valued at about $295,000. 91.98% of the stock is currently owned by institutional investors.

Shares of Virtusa Corporation (NASDAQ VRTU) opened at 32.72 on Thursday. The company has a market cap of $985.49 million, a price-to-earnings ratio of 83.90 and a beta of 1.69. The company’s 50-day moving average is $29.83 and its 200-day moving average is $29.21. Virtusa Corporation has a 12-month low of $18.03 and a 12-month high of $34.92.

Virtusa Corporation (NASDAQ:VRTU) last issued its quarterly earnings results on Tuesday, May 16th. The information technology services provider reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.02. Virtusa Corporation had a net margin of 1.38% and a return on equity of 3.50%. The firm had revenue of $226 million for the quarter, compared to analysts’ expectations of $226.67 million. During the same period in the prior year, the firm earned $0.55 EPS. Virtusa Corporation’s revenue for the quarter was up 31.5% compared to the same quarter last year. Equities research analysts predict that Virtusa Corporation will post $1.54 earnings per share for the current year.

Virtusa Corporation announced that its board has initiated a stock repurchase plan on Wednesday, May 3rd that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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VRTU has been the topic of several research reports. Barrington Research set a $35.00 price target on shares of Virtusa Corporation and gave the company a “buy” rating in a research report on Thursday, May 25th. SunTrust Banks, Inc. set a $32.00 price target on shares of Virtusa Corporation and gave the company a “buy” rating in a research report on Friday, May 19th. Zacks Investment Research raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research report on Wednesday. BidaskClub raised shares of Virtusa Corporation from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, ValuEngine raised shares of Virtusa Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Virtusa Corporation has a consensus rating of “Buy” and a consensus target price of $34.63.

In other news, EVP Thomas R. Holler sold 29,873 shares of Virtusa Corporation stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $28.00, for a total transaction of $836,444.00. Following the sale, the executive vice president now owns 45,716 shares in the company, valued at $1,280,048. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Kris A. Canekeratne sold 74,000 shares of Virtusa Corporation stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $28.76, for a total transaction of $2,128,240.00. Following the sale, the chief executive officer now owns 780,315 shares in the company, valued at approximately $22,441,859.40. The disclosure for this sale can be found here. Insiders have sold 154,115 shares of company stock worth $4,414,506 in the last ninety days. Insiders own 9.92% of the company’s stock.

About Virtusa Corporation

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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Institutional Ownership by Quarter for Virtusa Corporation (NASDAQ:VRTU)

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