Prudential PLC purchased a new stake in Wipro Limited (NYSE:WIT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 390,750 shares of the information technology services provider’s stock, valued at approximately $1,110,000.
A number of other institutional investors have also recently made changes to their positions in the business. First Trust Advisors LP raised its position in Wipro by 8.6% in the 3rd quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock worth $43,801,000 after purchasing an additional 1,317,586 shares during the period. Caprock Group LLC purchased a new stake in Wipro in the 3rd quarter worth about $694,000. JPMorgan Chase & Co. raised its position in Wipro by 24.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock worth $18,665,000 after purchasing an additional 1,384,264 shares during the period. Thrivent Financial for Lutherans purchased a new stake in Wipro in the 3rd quarter worth about $1,890,000. Finally, UBS Group AG raised its position in Wipro by 4.7% in the 4th quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock worth $38,779,000 after purchasing an additional 609,565 shares during the period. Institutional investors own 2.36% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Sell”.
Wipro Stock Down 0.2%
Shares of WIT stock opened at $2.10 on Monday. The firm has a market cap of $21.95 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 4.60 and a beta of 0.97. The company’s 50 day moving average is $2.09 and its 200 day moving average is $2.41. Wipro Limited has a 52-week low of $1.80 and a 52-week high of $3.13.
Wipro (NYSE:WIT – Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. Analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.
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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