Vanguard Group Inc. Sells 392,131 Shares of Wipro Limited $WIT

Vanguard Group Inc. reduced its stake in Wipro Limited (NYSE:WIT) by 1.7% during the 4th quarter, Holdings Channel reports. The firm owned 22,476,328 shares of the information technology services provider’s stock after selling 392,131 shares during the period. Vanguard Group Inc.’s holdings in Wipro were worth $63,833,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WIT. UBS Group AG boosted its position in shares of Wipro by 165.0% in the 3rd quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock worth $34,308,000 after purchasing an additional 8,122,275 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Wipro by 298.9% in the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock worth $23,226,000 after purchasing an additional 5,762,771 shares during the last quarter. Millennium Management LLC boosted its position in shares of Wipro by 25.9% in the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after purchasing an additional 4,382,854 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Wipro by 262.2% in the 3rd quarter. Wellington Management Group LLP now owns 4,173,778 shares of the information technology services provider’s stock worth $10,977,000 after purchasing an additional 3,021,480 shares during the last quarter. Finally, Penserra Capital Management LLC raised its stake in Wipro by 43.4% during the 3rd quarter. Penserra Capital Management LLC now owns 9,242,466 shares of the information technology services provider’s stock worth $24,307,000 after buying an additional 2,796,059 shares during the period. 2.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

WIT has been the topic of several research analyst reports. Morgan Stanley downgraded Wipro to an “underweight” rating in a research note on Monday, January 19th. Weiss Ratings downgraded Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro Trading Up 2.5%

Shares of Wipro stock opened at $1.87 on Friday. The company has a market capitalization of $19.54 billion, a PE ratio of 13.32, a PEG ratio of 3.99 and a beta of 0.92. Wipro Limited has a 12 month low of $1.80 and a 12 month high of $3.13. The stock’s fifty day simple moving average is $2.14 and its 200 day simple moving average is $2.47.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 14.97% and a net margin of 14.25%. Analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.