Envestnet Asset Management Inc. sells 34,198 shares of Wipro Limited (NYSE: WIT)

Envestnet Asset Management Inc. reduced its stake in Wipro Limited (NYSE:WIT – Get Rating) by 13.4% in the first quarter, according to its most recent Form 13F filed with the Securities & Exchange Commission. The company held 220,527 shares of the IT services provider after selling 34,198 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Wipro were worth $1,700,000 when it last filed with the Securities & Exchange Commission.

A number of other large investors have also recently changed their holdings in WIT. Glassman Wealth Services increased its position in Wipro shares by 66.9% in Q4. Glassman Wealth Services now owns 3,585 shares of the information technology service provider worth $35,000 after purchasing an additional 1,437 shares during the period. CWM LLC purchased a new stake in Wipro stock in Q4 for approximately $35,000. Lindbrook Capital LLC increased its stake in Wipro shares by 31.0% in Q1. Lindbrook Capital LLC now owns 8,000 shares of the information technology service provider worth $62,000 after buying 1,895 additional shares in the last quarter. MQS Management LLC bought a new position in Wipro during the fourth quarter worth $112,000. Finally, Commonwealth Equity Services LLC increased its stake in Wipro by 37.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,035 shares of the information technology services provider worth $136,000 after acquiring 3,819 additional shares last quarter. Institutional investors hold 2.30% of the company’s shares.

A Wall Street analyst gives his opinion

Several research companies have recently published reports on WIT. Wedbush reaffirmed an “underperforming” rating on Wipro shares in a Wednesday, July 20 research report. Nomura downgraded Wipro shares from a “buy” rating to a “neutral” rating in a Wednesday, May 25 research report. Morgan Stanley downgraded Wipro from an “overweight” rating to an “underweight” rating in a Thursday, July 14, research memo. TheStreet upgraded Wipro from a “b-” to a “c+” rating in a Friday July 8 research note. Finally, JPMorgan Chase & Co. downgraded Wipro from a “neutral” rating to an “underweight” rating in a Thursday, May 19 research report. Five analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned the company a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.70.

Wipro shares down 1.8%

WIT stock opened at $5.33 on Friday. The company has a market capitalization of $29.13 billion, a price/earnings ratio of 19.74, a P/E/G ratio of 2.26 and a beta of 0.83. The company has a debt ratio of 0.09, a quick ratio of 1.94 and a current ratio of 1.95. The company’s 50-day moving average is $5.33 and its two-hundred-day moving average is $6.43. Wipro Limited has a fifty-two week minimum of $4.94 and a fifty-two week maximum of $9.96.

Wipro (NYSE:WIT – Get Rating) last released its quarterly earnings data on Wednesday, July 20. The information technology services provider reported earnings per share (EPS) of $0.06 for the quarter, missing analyst consensus estimates of $0.08 per ($0.02). Wipro had a return on equity of 17.66% and a net margin of 14.06%. The company posted revenue of $2.72 billion in the quarter, versus $2.75 billion expected by analysts. As a group, analysts expect Wipro Limited to post earnings per share of 0.27 for the current year.

About Wipro

(Get an evaluation)

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the following segments: Information Technology Services, India State Run Enterprise (ISRE) and Information Technology Products. The Information Technology Services segment provides a range of IT and IT-based services, which include digital strategy consulting, customer-centric design, technology consulting, IT consulting, design custom application services, development, re-engineering and maintenance, system integration, package implementation, global infrastructure services, analysis services, business process services, research and development and hardware design and software to businesses around the world.

Featured Articles

Want to see which other hedge funds hold WIT? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Wipro Limited (NYSE:WIT – Get Rating).

Institutional ownership by quarter for Wipro (NYSE:WIT)

Get news and reviews for Wipro Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for Wipro and related companies with MarketBeat.com’s FREE daily newsletter.