Bank of Montreal Can reduced its stake in shares of Virtusa Co. (NASDAQ:VRTU) by 37.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,420 shares of the information technology services provider’s stock after selling 20,308 shares during the quarter. Bank of Montreal Can owned about 0.12% of Virtusa worth $1,849,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in VRTU. UBS Group AG increased its holdings in shares of Virtusa by 117.4% during the first quarter. UBS Group AG now owns 7,354 shares of the information technology services provider’s stock worth $356,000 after buying an additional 3,971 shares in the last quarter. LPL Financial LLC bought a new stake in shares of Virtusa during the first quarter valued at approximately $219,000. Legal & General Group Plc grew its stake in shares of Virtusa by 6.7% during the first quarter. Legal & General Group Plc now owns 57,330 shares of the information technology services provider’s stock valued at $2,763,000 after purchasing an additional 3,582 shares during the last quarter. Xact Kapitalforvaltning AB bought a new stake in shares of Virtusa during the first quarter valued at approximately $235,000. Finally, Principal Financial Group Inc. grew its stake in shares of Virtusa by 5.9% during the first quarter. Principal Financial Group Inc. now owns 216,493 shares of the information technology services provider’s stock valued at $10,491,000 after purchasing an additional 12,136 shares during the last quarter. 87.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of VRTU stock opened at $48.77 on Friday. Virtusa Co. has a 52-week low of $39.77 and a 52-week high of $58.60. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 54.80, a price-to-earnings-growth ratio of 1.51 and a beta of 1.23. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.68.
Several analysts have recently commented on VRTU shares. BidaskClub raised shares of Virtusa from a “hold” rating to a “buy” rating in a research note on Friday, July 13th. Zacks Investment Research raised shares of Virtusa from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Sunday, July 15th. Barrington Research reissued a “buy” rating and set a $55.00 price target on shares of Virtusa in a research note on Thursday, August 2nd. Needham & Company LLC increased their price target on shares of Virtusa from $65.00 to $68.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 9th. Finally, Cantor Fitzgerald increased their price target on shares of Virtusa from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, August 10th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Virtusa has an average rating of “Buy” and a consensus price target of $62.00.
In other Virtusa news, President Samir Dhir sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $49.55, for a total value of $198,200.00. Following the transaction, the president now directly owns 118,822 shares of the company’s stock, valued at $5,887,630.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Kris A. Canekeratne sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $53.17, for a total transaction of $159,510.00. Following the completion of the transaction, the chief executive officer now directly owns 722,691 shares in the company, valued at $38,425,480.47. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,000 shares of company stock worth $569,270. Insiders own 5.11% of the company’s stock.
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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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