Sei Investments Co. Sells 661,980 Shares of Wipro Limited $WIT

Sei Investments Co. cut its stake in shares of Wipro Limited (NYSE:WIT) by 85.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 112,267 shares of the information technology services provider’s stock after selling 661,980 shares during the quarter. Sei Investments Co.’s holdings in Wipro were worth $238,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Morgan Stanley raised its position in Wipro by 65.0% during the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock valued at $137,829,000 after purchasing an additional 19,114,904 shares in the last quarter. State Street Corp increased its stake 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 increased its stake in shares of Wipro by 25.9% during the third quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock valued at $56,033,000 after buying an additional 4,382,854 shares during the period. First Trust Advisors LP raised its holdings in shares of Wipro by 20.9% in the first quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock valued at $39,341,000 after acquiring an additional 3,206,153 shares in the last quarter. Finally, Defiance ETFs LLC bought a new stake in shares of Wipro in the fourth quarter valued at about $39,525,000. Institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on WIT shares. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. Weiss Ratings upgraded shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. 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, Wipro presently has an average rating of “Reduce” and a consensus price target of $1.70.

Wipro Trading Up 0.3%

Shares of NYSE WIT opened at $1.95 on Monday. Wipro Limited has a 12-month low of $1.75 and a 12-month high of $3.09. The stock’s fifty day simple moving average is $2.03 and its two-hundred day simple moving average is $2.14. The stock has a market capitalization of $19.24 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 4.43 and a beta of 0.98.

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