Wipro Limited (WIT) Shares Sold by Alps Advisors Inc.

Alps Advisors Inc. lessened its stake in shares of Wipro Limited (NYSE:WIT) by 8.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 158,636 shares of the information technology services provider’s stock after selling 14,100 shares during the period. Alps Advisors Inc.’s holdings in Wipro Limited were worth $901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WIT. Ameriprise Financial Inc. increased its holdings in Wipro Limited by 14.2% during the first quarter. Ameriprise Financial Inc. now owns 42,227 shares of the information technology services provider’s stock worth $432,000 after buying an additional 5,240 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Wipro Limited by 401.4% during the first quarter. Alliancebernstein L.P. now owns 116,376 shares of the information technology services provider’s stock worth $1,191,000 after buying an additional 93,166 shares during the last quarter. Vanguard Group Inc. increased its holdings in Wipro Limited by 1.3% during the first quarter. Vanguard Group Inc. now owns 6,459,179 shares of the information technology services provider’s stock worth $66,077,000 after buying an additional 82,708 shares during the last quarter. Bank of America Corp DE increased its holdings in Wipro Limited by 12.8% during the first quarter. Bank of America Corp DE now owns 384,702 shares of the information technology services provider’s stock worth $3,936,000 after buying an additional 43,727 shares during the last quarter. Finally, Capstone Asset Management Co. increased its holdings in Wipro Limited by 98.1% during the second quarter. Capstone Asset Management Co. now owns 110,074 shares of the information technology services provider’s stock worth $572,000 after buying an additional 54,507 shares during the last quarter. Institutional investors and hedge funds own 2.49% of the company’s stock.

Wipro Limited (WIT) opened at $5.09 on Tuesday. The firm has a market cap of $24,454.85, a PE ratio of 18.29, a PEG ratio of 2.33 and a beta of 0.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.53 and a quick ratio of 2.52. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40.

Wipro Limited (NYSE:WIT) last posted its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.17 billion. Wipro Limited had a net margin of 15.77% and a return on equity of 16.14%. equities research analysts expect that Wipro Limited will post 0.27 EPS for the current fiscal year.

Wipro Limited declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 20th that permits the company to buyback $1.70 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 6.1% of its shares through a tender offer. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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Several equities analysts have recently weighed in on WIT shares. Goldman Sachs Group, Inc. (The) downgraded shares of Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th. BNP Paribas downgraded shares of Wipro Limited from a “hold” rating to a “reduce” rating in a research note on Thursday, September 14th. Zacks Investment Research downgraded shares of Wipro Limited from a “buy” rating to a “hold” rating in a research note on Wednesday, September 20th. BidaskClub downgraded shares of Wipro Limited from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Finally, Bank of America Corporation lifted their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $141.50.

Wipro Limited Profile

Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.

Institutional Ownership by Quarter for Wipro Limited (NYSE:WIT)

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