First Trust Advisors LP Acquires 1,317,586 Shares of Wipro Limited $WIT

First Trust Advisors LP grew its holdings in shares of Wipro Limited (NYSE:WIT) by 8.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,654,556 shares of the information technology services provider’s stock after acquiring an additional 1,317,586 shares during the quarter. First Trust Advisors LP owned about 0.16% of Wipro worth $43,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Tidal Investments LLC raised its stake in Wipro by 19.3% in the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after purchasing an additional 4,403 shares in the last quarter. Fragasso Financial Advisors Inc grew its stake in Wipro by 30.5% in the 3rd quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider’s stock worth $51,000 after buying an additional 4,511 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Wipro by 6.5% in the 3rd quarter. Diversified Trust Co now owns 82,813 shares of the information technology services provider’s stock worth $218,000 after buying an additional 5,036 shares during the last quarter. Cresset Asset Management LLC increased its holdings in shares of Wipro by 10.2% in the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock worth $169,000 after buying an additional 5,166 shares during the last quarter. Finally, Barings LLC raised its position in shares of Wipro by 19.4% during the 2nd quarter. Barings LLC now owns 32,833 shares of the information technology services provider’s stock valued at $99,000 after buying an additional 5,329 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Shares of WIT opened at $2.37 on Thursday. Wipro Limited has a 1 year low of $2.11 and a 1 year high of $3.18. The stock has a 50 day simple moving average of $2.53 and a two-hundred day simple moving average of $2.67. The firm has a market cap of $24.77 billion, a P/E ratio of 16.89, a P/E/G ratio of 10.18 and a beta of 1.07.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 14.61% and a return on equity of 15.35%. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $2.63 billion. On average, equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro 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.