Nykredit A S Takes Position in Wipro Limited $WIT

Nykredit A S acquired a new position in Wipro Limited (NYSE:WIT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,680,841 shares of the information technology services provider’s stock, valued at approximately $3,782,000.

A number of other hedge funds also recently bought and sold shares of WIT. Allworth Financial LP raised its stake in shares of Wipro by 17.3% during the 4th quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock worth $80,000 after acquiring an additional 4,153 shares in the last quarter. Tidal Investments LLC boosted its stake in Wipro by 19.3% in the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after acquiring an additional 4,403 shares in the last quarter. Lido Advisors LLC grew its holdings in Wipro by 11.7% in the fourth quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 4,454 shares during the last quarter. Cresset Asset Management LLC increased its position in shares of Wipro by 10.2% during the second quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock worth $169,000 after purchasing an additional 5,166 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Wipro by 0.6% during the fourth quarter. Deutsche Bank AG now owns 813,925 shares of the information technology services provider’s stock worth $2,312,000 after purchasing an additional 5,168 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Trading Down 0.6%

NYSE:WIT opened at $1.80 on Monday. Wipro Limited has a 12 month low of $1.75 and a 12 month high of $3.09. The firm has a fifty day simple moving average of $1.91 and a 200-day simple moving average of $2.07. The company has a market capitalization of $17.80 billion, a P/E ratio of 13.85, a PEG ratio of 4.13 and a beta of 0.95.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.60 billion. Wipro had a net margin of 13.93% and a return on equity of 15.40%. Equities analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on WIT shares. CLSA downgraded Wipro from a “hold” rating to an “underperform” rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. cut Wipro from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. Finally, Weiss Ratings raised Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Wipro has an average 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.