Wipro Limited (NYSE:WIT) Shares Sold by West Family Investments Inc.

West Family Investments Inc. cut its holdings in Wipro Limited (NYSE:WIT) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 216,504 shares of the information technology services provider’s stock after selling 2,543 shares during the period. West Family Investments Inc.’s holdings in Wipro were worth $1,403,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after purchasing an additional 2,267,995 shares during the last quarter. Jane Street Group LLC lifted its position in Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after buying an additional 1,001,644 shares during the last quarter. Creative Planning boosted its stake in Wipro by 24.6% during the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock worth $8,666,000 after buying an additional 263,925 shares during the period. Marshall Wace LLP acquired a new stake in shares of Wipro during the second quarter valued at about $7,994,000. Finally, Candriam S.C.A. raised its stake in shares of Wipro by 43.6% in the 2nd quarter. Candriam S.C.A. now owns 870,000 shares of the information technology services provider’s stock valued at $5,307,000 after acquiring an additional 264,000 shares during the period. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Price Performance

Shares of WIT opened at $6.73 on Tuesday. The company has a market cap of $35.17 billion, a P/E ratio of 24.80, a PEG ratio of 4.54 and a beta of 0.89. Wipro Limited has a fifty-two week low of $4.67 and a fifty-two week high of $7.04. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $6.55 and its 200 day moving average price is $6.13.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. On average, research analysts forecast that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WIT shares. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research report on Monday. Three analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.60.

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.