Penserra Capital Management LLC Boosts Stock Position in Wipro Limited $WIT

Penserra Capital Management LLC boosted its position in Wipro Limited (NYSE:WIT) by 43.4% in the third quarter, HoldingsChannel.com reports. The firm owned 9,242,466 shares of the information technology services provider’s stock after acquiring an additional 2,796,059 shares during the period. Penserra Capital Management LLC’s holdings in Wipro were worth $24,307,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Vest Financial LLC bought a new position in shares of Wipro during the 2nd quarter worth approximately $31,000. Curi Capital LLC purchased a new position in Wipro in the second quarter worth $31,000. Walkner Condon Financial Advisors LLC acquired a new position in shares of Wipro during the third quarter worth $27,000. Clarendon Private LLC acquired a new position in shares of Wipro during the third quarter worth $32,000. Finally, CW Advisors LLC purchased a new stake in shares of Wipro during the 2nd quarter valued at $39,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Stock Down 5.0%

Shares of NYSE WIT opened at $2.56 on Wednesday. Wipro Limited has a 52 week low of $2.50 and a 52 week high of $3.74. The business’s 50 day moving average price is $2.80 and its 200 day moving average price is $2.75. The firm has a market cap of $26.76 billion, a P/E ratio of 18.25, a P/E/G ratio of 10.73 and a beta of 1.05.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 14.61% and a return on equity of 15.35%. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.63 billion. As a group, research analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Analysts Set New Price Targets

WIT has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Wipro has a consensus rating of “Reduce”.

About Wipro

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.