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

First Trust Advisors LP lifted its stake in Wipro Limited (NYSE:WIT) by 8.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 16,654,556 shares of the information technology services provider’s stock after buying an additional 1,317,586 shares during the period. First Trust Advisors LP’s holdings in Wipro were worth $43,801,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Walkner Condon Financial Advisors LLC purchased a new stake in Wipro during the 3rd quarter valued at about $27,000. Interchange Capital Partners LLC purchased a new position in Wipro in the 3rd quarter worth approximately $27,000. Curi Capital LLC bought a new stake in Wipro in the second quarter valued at approximately $31,000. Clarendon Private LLC purchased a new stake in shares of Wipro during the third quarter valued at approximately $32,000. Finally, Aspiring Ventures LLC purchased a new stake in shares of Wipro during the third quarter valued at approximately $32,000. Institutional investors own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research note 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce”.

Wipro Price Performance

NYSE 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 market capitalization of $24.77 billion, a PE ratio of 16.89, a PEG ratio of 10.18 and a beta of 1.07. The business’s 50-day moving average is $2.53 and its 200 day moving average is $2.67.

Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.35% and a net margin of 14.61%.The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $2.63 billion. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 earnings per share 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.