Vanguard Group Inc. Sells 454,253 Shares of Wipro Limited $WIT

Vanguard Group Inc. reduced its stake in shares of Wipro Limited (NYSE:WIT) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,868,459 shares of the information technology services provider’s stock after selling 454,253 shares during the quarter. Vanguard Group Inc.’s holdings in Wipro were worth $60,144,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE raised its stake in Wipro by 298.9% in the second quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after purchasing an additional 5,762,771 shares in the last quarter. Penserra Capital Management LLC grew its stake in Wipro by 43.4% during the third quarter. Penserra Capital Management LLC now owns 9,242,466 shares of the information technology services provider’s stock worth $24,307,000 after buying an additional 2,796,059 shares in the last quarter. Goldman Sachs Group Inc. grew 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 in the last quarter. BNP Paribas Financial Markets increased its holdings in Wipro by 17.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 9,965,693 shares of the information technology services provider’s stock valued at $30,096,000 after buying an additional 1,466,462 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of 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 valued at $18,665,000 after buying an additional 1,384,264 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

Analyst Upgrades and Downgrades

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

Wipro Price Performance

Shares of NYSE:WIT opened at $2.31 on Friday. Wipro Limited has a one year low of $2.11 and a one year high of $3.29. The company has a market cap of $24.20 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 8.86 and a beta of 1.07. The firm has a 50 day simple moving average of $2.55 and a 200 day simple moving average of $2.67.

Wipro (NYSE:WIT) last posted its earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. As a group, analysts expect that Wipro Limited will post 0.14 EPS 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.