Perpetual Ltd Purchases New Position in Wipro Limited (NYSE:WIT)

Perpetual Ltd purchased a new stake in shares of Wipro Limited (NYSE:WIT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 820,300 shares of the information technology services provider's stock, valued at approximately $2,510,000.

Several other hedge funds and other institutional investors also recently modified their holdings of WIT. Bell Investment Advisors Inc increased its position in shares of Wipro by 100.0% during the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock valued at $26,000 after buying an additional 3,631 shares during the period. Farther Finance Advisors LLC grew its holdings in Wipro by 148.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 4,851 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in Wipro in the fourth quarter worth about $35,000. Freestone Capital Holdings LLC purchased a new stake in Wipro in the fourth quarter worth about $36,000. Finally, Callan Family Office LLC purchased a new stake in Wipro in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wall Street Analysts Forecast Growth

WIT has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Wall Street Zen upgraded shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Finally, Jefferies Financial Group cut shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold".

Wipro Trading Down 1.8%

Shares of NYSE WIT opened at $3.04 on Friday. The firm's 50 day moving average price is $2.92 and its 200-day moving average price is $3.21. The company has a market cap of $31.75 billion, a PE ratio of 20.23, a P/E/G ratio of 8.91 and a beta of 1.02. Wipro Limited has a 52-week low of $2.63 and a 52-week high of $3.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.72.

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

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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