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

First Trust Advisors LP lifted its stake in shares of Wipro Limited (NYSE:WIT) by 20.9% during the first quarter, HoldingsChannel.com reports. 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 quarter. First Trust Advisors LP’s holdings in Wipro were worth $39,341,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Morgan Stanley boosted its stake in Wipro by 65.0% in the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after purchasing an additional 19,114,904 shares during the period. State Street Corp increased its position in shares of Wipro by 0.8% during the fourth quarter. State Street Corp now owns 23,861,012 shares of the information technology services provider’s stock valued at $67,765,000 after buying an additional 179,034 shares during the period. Millennium Management LLC lifted its holdings in shares of Wipro by 25.9% in the third quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after buying an additional 4,382,854 shares in the last quarter. Defiance ETFs LLC purchased a new stake in shares of Wipro in the fourth quarter worth about $39,525,000. Finally, UBS Group AG boosted its position in shares of Wipro by 4.7% in the fourth quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock valued at $38,779,000 after acquiring an additional 609,565 shares during the period. Institutional investors own 2.36% of the company’s stock.

Wipro Trading Up 2.4%

Shares of NYSE WIT opened at $1.92 on Tuesday. The stock’s 50-day moving average is $2.07 and its 200 day moving average is $2.22. The stock has a market cap of $18.94 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 4.27 and a beta of 0.97. Wipro Limited has a 1-year low of $1.75 and a 1-year high of $3.09.

Wipro (NYSE:WIT) last issued its earnings results on Friday, July 17th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. Wipro had a return on equity of 15.40% and a net margin of 13.93%.The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.60 billion. On average, analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WIT. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. Weiss Ratings cut shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Wipro currently has a consensus rating of “Strong Sell” and a consensus target price 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.