Mesirow Financial Investment Management Equity Management Takes Position in Virtusa Corporation (NASDAQ:VRTU)

Mesirow Financial Investment Management Equity Management acquired a new stake in Virtusa Corporation (NASDAQ:VRTU) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 234,684 shares of the information technology services provider’s stock, valued at approximately $6,899,000. Mesirow Financial Investment Management Equity Management owned 0.78% of Virtusa Corporation at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Virtusa Corporation by 120,287.9% in the first quarter. BlackRock Inc. now owns 3,341,967 shares of the information technology services provider’s stock valued at $100,993,000 after buying an additional 3,339,191 shares during the period. Morgan Stanley raised its stake in Virtusa Corporation by 548.1% in the first quarter. Morgan Stanley now owns 560,515 shares of the information technology services provider’s stock valued at $16,938,000 after buying an additional 474,032 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new stake in Virtusa Corporation during the first quarter valued at $7,699,000. Frontier Capital Management Co. LLC raised its stake in Virtusa Corporation by 38.1% in the first quarter. Frontier Capital Management Co. LLC now owns 859,185 shares of the information technology services provider’s stock valued at $25,965,000 after buying an additional 237,129 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Virtusa Corporation during the first quarter valued at $7,003,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Virtusa Corporation (NASDAQ:VRTU) traded down 0.60% on Friday, reaching $36.27. The company’s stock had a trading volume of 96,375 shares. The company’s 50 day moving average price is $32.85 and its 200-day moving average price is $30.34. Virtusa Corporation has a 12-month low of $18.03 and a 12-month high of $37.66. The stock has a market cap of $1.06 billion, a PE ratio of 52.49 and a beta of 1.71.

Virtusa Corporation (NASDAQ:VRTU) last released its quarterly earnings data on Tuesday, August 8th. The information technology services provider reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.09. The company had revenue of $227.30 million during the quarter, compared to the consensus estimate of $224.46 million. Virtusa Corporation had a net margin of 2.47% and a return on equity of 4.26%. Virtusa Corporation’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. On average, equities analysts expect that Virtusa Corporation will post $1.55 EPS for the current year.

Virtusa Corporation announced that its board has initiated a stock buyback program on Wednesday, May 3rd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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A number of brokerages have recently commented on VRTU. Cowen and Company reissued a “buy” rating and set a $36.00 price target on shares of Virtusa Corporation in a research note on Friday, July 28th. Maxim Group restated a “hold” rating on shares of Virtusa Corporation in a research report on Tuesday, May 16th. Zacks Investment Research downgraded Virtusa Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub upgraded Virtusa Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $43.00 target price (up from $38.00) on shares of Virtusa Corporation in a report on Saturday. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $37.00.

In other news, CEO Kris A. Canekeratne sold 74,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 780,315 shares in the company, valued at approximately $22,441,859.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kris A. Canekeratne sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $36.89, for a total transaction of $221,340.00. Following the sale, the chief executive officer now owns 604,186 shares of the company’s stock, valued at approximately $22,288,421.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,768 shares of company stock valued at $5,379,846. 5.96% of the stock is owned by insiders.

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.

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

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