Municipal Employees Retirement System of Michigan grew its position in Virtusa Co. (NASDAQ:VRTU) by 59.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,400 shares of the information technology services provider’s stock after acquiring an additional 3,890 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Virtusa were worth $393,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in VRTU. US Bancorp DE raised its stake in shares of Virtusa by 10.3% in the second quarter. US Bancorp DE now owns 3,512 shares of the information technology services provider’s stock valued at $103,000 after acquiring an additional 327 shares during the period. SG Americas Securities LLC bought a new position in shares of Virtusa in the second quarter worth about $120,000. Victory Capital Management Inc. bought a new position in shares of Virtusa in the third quarter worth about $130,000. Gargoyle Investment Advisor L.L.C. bought a new position in shares of Virtusa in the second quarter worth about $221,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Virtusa by 42.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,805 shares of the information technology services provider’s stock worth $259,000 after purchasing an additional 2,639 shares during the last quarter. 88.04% of the stock is currently owned by institutional investors and hedge funds.
Virtusa Co. (NASDAQ:VRTU) opened at $44.81 on Friday. The company has a current ratio of 4.03, a quick ratio of 4.03 and a debt-to-equity ratio of 0.18. Virtusa Co. has a 1-year low of $23.75 and a 1-year high of $48.71. The stock has a market cap of $1,320.86, a PE ratio of 51.11, a price-to-earnings-growth ratio of 2.16 and a beta of 1.71.
In other Virtusa news, CEO Kris A. Canekeratne sold 789 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $36.09, for a total transaction of $28,475.01. Following the transaction, the chief executive officer now directly owns 594,702 shares in the company, valued at approximately $21,462,795.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kris A. Canekeratne sold 11,211 shares of the stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $36.46, for a total transaction of $408,753.06. Following the transaction, the chief executive officer now owns 589,491 shares in the company, valued at $21,492,841.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,075 shares of company stock worth $3,697,802. 5.96% of the stock is owned by company insiders.
VRTU has been the topic of a number of research analyst reports. Cantor Fitzgerald restated a “buy” rating and issued a $37.00 price target on shares of Virtusa in a report on Sunday, November 5th. Cowen restated a “buy” rating and issued a $37.00 price target on shares of Virtusa in a report on Thursday, October 12th. Barrington Research upped their price target on shares of Virtusa to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Maxim Group upgraded shares of Virtusa from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Wednesday, November 8th. Finally, Needham & Company LLC upped their price target on shares of Virtusa to $55.00 and gave the stock a “buy” rating in a report on Friday, November 17th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Virtusa presently has a consensus rating of “Buy” and an average target price of $45.00.
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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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