First Trust Advisors LP Acquires 3,206,153 Shares of Wipro Limited $WIT

First Trust Advisors LP lifted its holdings in shares of Wipro Limited (NYSE:WIT) by 20.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,557,277 shares of the information technology services provider’s stock after purchasing an additional 3,206,153 shares during the period. First Trust Advisors LP owned about 0.18% of Wipro worth $39,341,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WIT. Axxcess Wealth Management LLC bought a new position in Wipro during the fourth quarter valued at about $29,000. Guggenheim Capital LLC bought a new stake in Wipro in the fourth quarter worth about $29,000. Sapient Capital LLC bought a new stake in Wipro in the fourth quarter worth about $29,000. Curi Capital LLC purchased a new position in Wipro in the second quarter valued at about $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Wipro in the fourth quarter valued at about $29,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Stock Performance

Shares of WIT opened at $1.92 on Tuesday. The business has a 50-day moving average of $2.07 and a 200 day moving average of $2.22. Wipro Limited has a fifty-two week low of $1.75 and a fifty-two week high of $3.09. The firm has a market cap of $18.94 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 4.27 and a beta of 0.97.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.60 billion. Wipro had a net margin of 13.93% and a return on equity of 15.40%. As a group, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WIT has been the subject of several research analyst reports. Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. downgraded Wipro from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Sell” and a consensus price target of $1.70.

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.