NewEdge Wealth LLC decreased its position in Wipro Limited (NYSE:WIT – Free Report) by 98.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Tidal Investments LLC raised its holdings 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 acquiring an additional 4,403 shares in the last quarter. Cresset Asset Management LLC raised its holdings in Wipro by 10.2% in the second quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after acquiring an additional 5,166 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Wipro by 7.0% in the third quarter. Raymond James Financial Inc. now owns 84,707 shares of the information technology services provider’s stock valued at $223,000 after acquiring an additional 5,575 shares in the last quarter. MGO One Seven LLC raised its holdings in Wipro by 22.8% in the fourth quarter. MGO One Seven LLC now owns 31,062 shares of the information technology services provider’s stock valued at $88,000 after acquiring an additional 5,772 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Wipro by 33.3% in the third quarter. Allworth Financial LP now owns 23,960 shares of the information technology services provider’s stock valued at $63,000 after acquiring an additional 5,984 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.
Wipro Trading Up 2.4%
WIT stock opened at $1.94 on Tuesday. Wipro Limited has a twelve month low of $1.80 and a twelve month high of $3.13. The company’s 50 day moving average is $2.12 and its two-hundred day moving average is $2.46. The stock has a market cap of $20.27 billion, a P/E ratio of 13.82, a PEG ratio of 4.14 and a beta of 0.92.
Analyst Upgrades and Downgrades
WIT has been the topic of several analyst reports. Weiss Ratings cut shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Morgan Stanley cut shares of Wipro to an “underweight” rating in a report on Monday, January 19th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.
Read Our Latest Research Report on Wipro
About Wipro
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.
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