Monarch Partners Asset Management LLC Sells 58,610 Shares of Virtusa Co. (NASDAQ:VRTU)

Monarch Partners Asset Management LLC cut its stake in shares of Virtusa Co. (NASDAQ:VRTU) by 27.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 152,843 shares of the information technology services provider’s stock after selling 58,610 shares during the quarter. Monarch Partners Asset Management LLC owned about 0.51% of Virtusa worth $5,505,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its holdings in shares of Virtusa by 1,640.5% during the second quarter. Tower Research Capital LLC TRC now owns 644 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 607 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in shares of Virtusa during the second quarter valued at $42,000. Financial Gravity Wealth Inc. bought a new position in shares of Virtusa during the second quarter valued at $56,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Virtusa by 35.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock valued at $66,000 after acquiring an additional 390 shares in the last quarter. Finally, Quantamental Technologies LLC bought a new position in shares of Virtusa during the second quarter valued at $79,000. Hedge funds and other institutional investors own 88.12% of the company’s stock.

In related news, CEO Kris A. Canekeratne sold 15,000 shares of Virtusa stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $36.57, for a total value of $548,550.00. Following the completion of the sale, the chief executive officer now directly owns 706,748 shares in the company, valued at approximately $25,845,774.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kris A. Canekeratne sold 7,500 shares of Virtusa stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $35.50, for a total value of $266,250.00. Following the completion of the sale, the chief executive officer now owns 706,748 shares of the company’s stock, valued at $25,089,554. The disclosure for this sale can be found here. Insiders sold a total of 30,500 shares of company stock valued at $1,108,640 over the last quarter. 4.73% of the stock is owned by corporate insiders.

Several equities analysts have recently weighed in on the company. BidaskClub upgraded Virtusa from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine downgraded Virtusa from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Needham & Company LLC downgraded Virtusa from a “strong-buy” rating to a “buy” rating and reduced their price target for the company from $50.00 to $48.00 in a report on Tuesday, September 10th. JPMorgan Chase & Co. reduced their price objective on Virtusa from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, October 7th. Finally, Barrington Research reiterated a “buy” rating and issued a $60.00 price objective on shares of Virtusa in a report on Tuesday, September 17th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Virtusa presently has a consensus rating of “Buy” and an average price target of $53.29.

NASDAQ VRTU traded up $2.93 during trading hours on Friday, hitting $42.71. The company’s stock had a trading volume of 488,100 shares, compared to its average volume of 171,613. Virtusa Co. has a 12 month low of $31.99 and a 12 month high of $57.00. The company’s 50 day simple moving average is $36.46 and its two-hundred day simple moving average is $41.83. The company has a market cap of $1.20 billion, a P/E ratio of 29.25, a price-to-earnings-growth ratio of 1.14 and a beta of 1.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.58 and a quick ratio of 2.58.

Virtusa (NASDAQ:VRTU) last released its quarterly earnings data on Thursday, November 7th. The information technology services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.34 by $0.20. Virtusa had a return on equity of 11.67% and a net margin of 2.23%. The company had revenue of $328.50 million during the quarter, compared to the consensus estimate of $327.07 million. As a group, research analysts predict that Virtusa Co. will post 1.93 earnings per share for the current fiscal year.

About Virtusa

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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Institutional Ownership by Quarter for Virtusa (NASDAQ:VRTU)

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