Wipro Limited (NYSE:WIT – Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $3.14, but opened at $3.06. Wipro shares last traded at $3.09, with a volume of 259,862 shares trading hands.
Wall Street Analysts Forecast Growth
WIT has been the topic of a number of recent research reports. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.
Wipro Stock Down 1.5 %
Wipro (NYSE:WIT – Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, research analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Wipro
A number of hedge funds and other institutional investors have recently made changes to their positions in WIT. Vanguard Group Inc. boosted its position in shares of Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock worth $82,692,000 after purchasing an additional 11,196,013 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Wipro by 177.6% during the fourth quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider’s stock worth $34,280,000 after acquiring an additional 6,195,561 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Wipro during the fourth quarter worth $20,008,000. BNP Paribas Financial Markets increased its position in shares of Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock worth $55,925,000 after acquiring an additional 4,215,981 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Wipro by 97.9% during the fourth quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock worth $26,636,000 after acquiring an additional 3,722,115 shares in the last quarter. 2.36% of the stock is owned by institutional investors.
About Wipro
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.
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