Wipro Limited (WIT) Shares Sold by Alps Advisors Inc.

Alps Advisors Inc. decreased its holdings in shares of Wipro Limited (NYSE:WIT) by 19.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 131,932 shares of the information technology services provider’s stock after selling 31,600 shares during the period. Alps Advisors Inc.’s holdings in Wipro were worth $687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC increased its stake in shares of Wipro by 3.4% in the third quarter. Fisher Asset Management LLC now owns 3,970,781 shares of the information technology services provider’s stock valued at $20,688,000 after buying an additional 131,267 shares during the period. Aperio Group LLC increased its stake in shares of Wipro by 14.6% in the third quarter. Aperio Group LLC now owns 3,268,912 shares of the information technology services provider’s stock valued at $17,031,000 after buying an additional 417,681 shares during the period. Bank of Nova Scotia acquired a new position in shares of Wipro in the second quarter valued at approximately $275,000. CSat Investment Advisory L.P. acquired a new position in shares of Wipro in the second quarter valued at approximately $1,690,000. Finally, Renaissance Technologies LLC increased its stake in shares of Wipro by 24.9% in the second quarter. Renaissance Technologies LLC now owns 627,300 shares of the information technology services provider’s stock valued at $3,005,000 after buying an additional 125,000 shares during the period. 2.37% of the stock is owned by hedge funds and other institutional investors.

WIT has been the subject of several recent research reports. ValuEngine downgraded Wipro from a “hold” rating to a “sell” rating in a research note on Tuesday, July 10th. TheStreet downgraded Wipro from a “b-” rating to a “c” rating in a research note on Wednesday, October 24th. Zacks Investment Research downgraded Wipro from a “hold” rating to a “sell” rating in a research note on Tuesday, September 11th. Credit Suisse Group raised Wipro from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 13th. Finally, Macquarie raised Wipro from a “neutral” rating to an “outperform” rating in a research note on Monday, September 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $6.00.

Shares of WIT stock opened at $5.06 on Friday. Wipro Limited has a one year low of $4.50 and a one year high of $5.99. The company has a market capitalization of $22.78 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.63 and a beta of 0.48. The company has a current ratio of 2.51, a quick ratio of 2.51 and a debt-to-equity ratio of 0.10.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Wednesday, October 24th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.14 billion. Wipro had a return on equity of 15.63% and a net margin of 13.84%. As a group, sell-side analysts anticipate that Wipro Limited will post 0.27 EPS for the current fiscal year.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

Further Reading: Short Selling Stocks, A Beginner’s Guide

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Institutional Ownership by Quarter for Wipro (NYSE:WIT)

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