Sei Investments Co. Decreases Position in Wipro Limited $WIT

Key Points

• Sei Investments Co. cut its Wipro stake by 85.5% in the first quarter, selling 661,980 shares and retaining 112,267 shares valued at approximately $238,000.
• Analyst sentiment remains cautious: Wipro has an average “Reduce” rating, with two Hold and two Sell ratings and a consensus price target of $1.70.
• Wipro reported quarterly EPS of $0.03, matching estimates, while revenue of $2.58 billion fell slightly short of the $2.60 billion consensus forecast; shares opened at $1.95, near the lower end of their 52-week range.

Sei Investments Co. trimmed its stake in Wipro Limited (NYSE:WIT - Free Report) by 85.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 112,267 shares of the information technology services provider's stock after selling 661,980 shares during the period. Sei Investments Co.'s holdings in Wipro were worth $238,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Allworth Financial LP raised its holdings in Wipro by 17.3% during the 4th quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider's stock valued at $80,000 after buying an additional 4,153 shares during the period. Tidal Investments LLC boosted its stake in Wipro by 19.3% during the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider's stock worth $82,000 after buying an additional 4,403 shares during the period. Lido Advisors LLC boosted its stake in Wipro by 11.7% during the fourth quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider's stock worth $118,000 after buying an additional 4,454 shares during the period. Cresset Asset Management LLC increased its position in Wipro by 10.2% during the second quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider's stock valued at $169,000 after acquiring an additional 5,166 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Wipro by 0.6% during the fourth quarter. Deutsche Bank AG now owns 813,925 shares of the information technology services provider's stock valued at $2,312,000 after acquiring an additional 5,168 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on WIT. Weiss Ratings upgraded shares of Wipro from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. downgraded shares of Wipro from a "neutral" rating to an "underweight" rating and cut their price target for the company from $2.20 to $1.70 in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $1.70.

Wipro Stock Performance

Shares of WIT stock opened at $1.95 on Monday. The stock has a 50 day moving average price of $2.03 and a 200 day moving average price of $2.14. Wipro Limited has a 52-week low of $1.75 and a 52-week high of $3.09. The firm has a market capitalization of $19.24 billion, a P/E ratio of 14.96, a P/E/G ratio of 4.43 and a beta of 0.98.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. Wipro had a return on equity of 15.40% and a net margin of 13.93%.The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.60 billion. As a group, sell-side analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Wipro Company Profile

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.

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