Pinebridge Investments L.P. Increases Stock Holdings in Virtusa Co. (NASDAQ:VRTU)

Pinebridge Investments L.P. grew its position in Virtusa Co. (NASDAQ:VRTU) by 239.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,028 shares of the information technology services provider’s stock after buying an additional 16,941 shares during the quarter. Pinebridge Investments L.P. owned 0.07% of Virtusa worth $1,068,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in VRTU. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in shares of Virtusa during the second quarter valued at $42,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Virtusa during the second quarter valued at $56,000. Oppenheimer Asset Management Inc. boosted its stake in Virtusa by 35.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,495 shares of the information technology services provider’s stock worth $66,000 after buying an additional 390 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in Virtusa in the 1st quarter worth about $90,000. Finally, Quantamental Technologies LLC acquired a new stake in Virtusa in the 2nd quarter worth about $79,000. Institutional investors and hedge funds own 88.24% of the company’s stock.

Shares of NASDAQ:VRTU traded up $0.27 during mid-day trading on Friday, hitting $39.28. 1,979 shares of the company traded hands, compared to its average volume of 244,980. The firm has a market cap of $1.19 billion, a P/E ratio of 26.93, a PEG ratio of 1.13 and a beta of 1.20. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.58 and a current ratio of 2.58. Virtusa Co. has a 52-week low of $31.99 and a 52-week high of $57.00. The firm’s 50 day simple moving average is $38.01 and its 200 day simple moving average is $45.95.

Virtusa (NASDAQ:VRTU) last announced its earnings results on Thursday, August 8th. The information technology services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.40 by $0.01. The business had revenue of $319.00 million for the quarter, compared to the consensus estimate of $317.59 million. Virtusa had a return on equity of 11.67% and a net margin of 2.23%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. Equities research analysts expect that Virtusa Co. will post 1.93 EPS for the current fiscal year.

In other Virtusa news, CEO Kris A. Canekeratne sold 15,000 shares of Virtusa stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $36.57, for a total transaction of $548,550.00. Following 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kris A. Canekeratne sold 7,500 shares of Virtusa stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $44.31, for a total value of $332,325.00. Following the sale, the chief executive officer now owns 723,926 shares in the company, valued at $32,077,161.06. The disclosure for this sale can be found here. Insiders have sold a total of 26,500 shares of company stock worth $1,024,515 over the last 90 days. 4.73% of the stock is owned by company insiders.

A number of analysts have issued reports on VRTU shares. Barrington Research reissued a “buy” rating and issued a $60.00 price target on shares of Virtusa in a research note on Tuesday. BidaskClub lowered Virtusa from a “buy” rating to a “hold” rating in a research note on Wednesday. TheStreet lowered Virtusa from a “b-” rating to a “c+” rating in a research note on Wednesday, May 29th. Needham & Company LLC lowered Virtusa from a “strong-buy” rating to a “buy” rating and decreased their price target for the stock from $50.00 to $48.00 in a research note on Tuesday, September 10th. Finally, ValuEngine downgraded Virtusa from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $54.17.

Virtusa Company Profile

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.

Read More: Certificate of Deposit (CD)

Institutional Ownership by Quarter for Virtusa (NASDAQ:VRTU)

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