NewEdge Wealth LLC Lowers Stock Position in Wipro Limited $WIT

NewEdge Wealth LLC lessened its stake in shares of Wipro Limited (NYSE:WIT) by 98.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,950 shares of the information technology services provider’s stock after selling 1,229,271 shares during the quarter. NewEdge Wealth LLC’s holdings in Wipro were worth $65,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of WIT. Royal Bank of Canada boosted its stake in Wipro by 19.8% during the first quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock worth $369,000 after buying an additional 19,901 shares during the period. NewEdge Advisors LLC boosted its stake in Wipro by 87.0% during the first quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock worth $828,000 after buying an additional 125,967 shares during the period. Goldman Sachs Group Inc. boosted its stake in Wipro by 22.0% during the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after buying an additional 1,864,943 shares during the period. Jane Street Group LLC boosted its stake in Wipro by 184.9% during the first quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock worth $687,000 after buying an additional 145,658 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Wipro by 14.3% during the second quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock worth $323,000 after buying an additional 13,363 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on WIT shares. Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Weiss Ratings cut shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Wipro Stock Performance

Shares of WIT opened at $1.94 on Tuesday. The stock has a market capitalization of $20.27 billion, a PE ratio of 13.82, a P/E/G ratio of 4.14 and a beta of 0.92. Wipro Limited has a 1 year low of $1.80 and a 1 year high of $3.13. The company’s 50-day simple moving average is $2.12 and its 200-day simple moving average is $2.46.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. On average, sell-side analysts predict that Wipro Limited will post 0.14 earnings per share for the current 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.