BNP Paribas Financial Markets Grows Position in Wipro Limited $WIT

BNP Paribas Financial Markets increased its holdings in Wipro Limited (NYSE:WIT) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,013,407 shares of the information technology services provider’s stock after acquiring an additional 925,706 shares during the quarter. BNP Paribas Financial Markets’ holdings in Wipro were worth $31,278,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Axxcess Wealth Management LLC purchased a new stake in shares of Wipro during the fourth quarter valued at about $29,000. Sapient Capital LLC purchased a new stake in shares of Wipro during the fourth quarter worth about $29,000. Interchange Capital Partners LLC acquired a new stake in shares of Wipro during the third quarter worth about $27,000. Curi Capital LLC acquired a new stake in shares of Wipro during the second quarter worth about $31,000. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of Wipro during the fourth quarter worth about $31,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Trading Down 3.1%

Shares of WIT stock opened at $2.07 on Friday. The stock has a 50 day moving average of $2.09 and a 200 day moving average of $2.42. The stock has a market cap of $21.63 billion, a P/E ratio of 14.75, a P/E/G ratio of 4.67 and a beta of 0.97. Wipro Limited has a twelve month low of $1.80 and a twelve month high of $3.13.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a return on equity of 14.97% and a net margin of 14.25%. On average, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Wipro presently has an average rating of “Sell”.

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.