Alps Advisors Inc. Boosts Stock Position in Wipro Limited (NYSE:WIT)

Alps Advisors Inc. raised its position in shares of Wipro Limited (NYSE:WIT) by 17.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 417,132 shares of the information technology services provider’s stock after purchasing an additional 62,000 shares during the quarter. Alps Advisors Inc.’s holdings in Wipro were worth $1,276,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Penserra Capital Management LLC grew its stake in Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider’s stock valued at $13,822,000 after purchasing an additional 1,313,832 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Wipro by 178.5% in the first quarter. Bank of New York Mellon Corp now owns 70,881 shares of the information technology services provider’s stock worth $217,000 after buying an additional 45,430 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Wipro by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock worth $278,000 after buying an additional 5,103 shares during the last quarter. Perpetual Ltd purchased a new stake in shares of Wipro in the first quarter worth about $2,510,000. Finally, PDS Planning Inc boosted its stake in shares of Wipro by 12.4% in the first quarter. PDS Planning Inc now owns 203,465 shares of the information technology services provider’s stock worth $623,000 after buying an additional 22,369 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on WIT shares. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a research note on Friday, June 20th. Wall Street Zen upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Saturday, April 26th. Finally, Jefferies Financial Group downgraded Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Wipro Stock Performance

Shares of WIT stock opened at $2.91 on Monday. The company has a market capitalization of $30.44 billion, a P/E ratio of 19.40, a P/E/G ratio of 8.20 and a beta of 1.02. The business’s 50 day moving average is $2.96 and its two-hundred day moving average is $3.16. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08. Wipro Limited has a 12-month low of $2.63 and a 12-month high of $3.79.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a return on equity of 15.97% and a net margin of 14.73%. Analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.