Sequoia Financial Advisors LLC Has $1.76 Million Stock Holdings in Wipro Limited $WIT

Key Points

• Sequoia Financial Advisors LLC increased its holdings in Wipro Limited by 55.8%, owning 582,930 shares valued at $1.76 million after purchasing an additional 208,891 shares in the second quarter.
• Wipro reported $0.03 earnings per share for the quarter, missing analysts' estimates of $0.04, and has an average prediction of 0.14 earnings per share for the current year.
• While four analysts have rated Wipro as a Hold, one assigned a Sell rating, with Morgan Stanley upgrading it to an "equal weight" rating in June.

Sequoia Financial Advisors LLC grew its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 55.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 582,930 shares of the information technology services provider's stock after purchasing an additional 208,891 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Wipro were worth $1,760,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Wipro by 5.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock valued at $278,000 after purchasing an additional 5,103 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Wipro during the first quarter worth about $90,000. GAMMA Investing LLC raised its position in shares of Wipro by 182.7% during the first quarter. GAMMA Investing LLC now owns 65,291 shares of the information technology services provider's stock worth $200,000 after acquiring an additional 42,192 shares during the last quarter. HB Wealth Management LLC raised its position in shares of Wipro by 12.2% during the second quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider's stock worth $162,000 after acquiring an additional 5,856 shares during the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Wipro by 78.8% during the second quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider's stock worth $372,000 after acquiring an additional 54,337 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Stock Performance

Shares of WIT stock opened at $2.68 on Friday. The company has a market cap of $28.06 billion, a P/E ratio of 17.29 and a beta of 1.00. The stock has a 50 day simple moving average of $2.73 and a two-hundred day simple moving average of $2.85. Wipro Limited has a fifty-two week low of $2.58 and a fifty-two week high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last issued its earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). Wipro had a return on equity of 15.94% and a net margin of 15.07%. On average, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WIT. Weiss Ratings restated a "hold (c+)" rating on shares of Wipro in a research report on Wednesday, October 8th. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce".

Wipro Profile

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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