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.
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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.
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