Riverhead Capital Management buys $138,250,000 stake in Virtusa Corporation (VRTU)

Virtusa Corporation (VRTU) : Riverhead Capital Management scooped up 6,244,802 additional shares in Virtusa Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 6,250,000 shares of Virtusa Corporation which is valued at $138,250,000.Virtusa Corporation makes up approximately 2.28% of Riverhead Capital Management’s portfolio.

Other Hedge Funds, Including , Norges Bank added VRTU to its portfolio by purchasing 194,797 company shares during the most recent quarter which is valued at $4,308,910.Credit Suisse Ag boosted its stake in VRTU in the latest quarter, The investment management firm added 50,644 additional shares and now holds a total of 64,771 shares of Virtusa Corporation which is valued at $1,432,735. Secor Capital Advisors Lp sold out all of its stake in VRTU during the most recent quarter. The investment firm sold 8,079 shares of VRTU which is valued $181,535. Capital Fund Management S.a. sold out all of its stake in VRTU during the most recent quarter. The investment firm sold 9,349 shares of VRTU which is valued $264,764.Ls Investment Advisors boosted its stake in VRTU in the latest quarter, The investment management firm added 47 additional shares and now holds a total of 960 shares of Virtusa Corporation which is valued at $26,678.

Virtusa Corporation opened for trading at $24.48 and hit $25.3 on the upside on Monday, eventually ending the session at $25.24, with a gain of 3.32% or 0.81 points. The heightened volatility saw the trading volume jump to 4,89,928 shares. Company has a market cap of $754 M.

On the company’s financial health, Virtusa Corporation reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 9, 2016. Analyst had a consensus of $0.15. The company had revenue of $205.50 million for the quarter, compared to analysts expectations of $203.53 million. The company’s revenue was up 52.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS.

Many Wall Street Analysts have commented on Virtusa Corporation. Shares were Reiterated by Maxim Group on Aug 9, 2016 to “Buy” and Lowered the Price Target to $ 38 from a previous price target of $42 .Shares were Reiterated by Maxim Group on Jun 29, 2016 to “Buy” and Lowered the Price Target to $ 42 from a previous price target of $46 .Shares were Reiterated by Barrington Research on May 17, 2016 to “Outperform” and Lowered the Price Target to $ 46 from a previous price target of $50 .

Virtusa Corporation (Virtusa) is an information technology services company. The Company’s services include information technology (IT) and business consulting user experience (UX) design development of IT applications maintenance and support services systems integration infrastructure and managed services. The Company’s services enable its clients to accelerate business outcomes by consolidating rationalizing and modernizing the clients’ core customer-facing processes into one or more core systems. The Company delivers solutions through a global delivery model applying advanced methods such as Agile an industry standard technique designed to accelerate application development. The Company’s offerings include Business and Information Technology consulting services Technology implementation services Application outsourcing services Global delivery model Platforming approach Core solutions Transformational solutions and Millennial solutions.

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