Wipro Limited $WIT Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its position in shares of Wipro Limited (NYSE:WIT) by 65.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 175,254 shares of the information technology services provider’s stock after selling 326,695 shares during the quarter. Hsbc Holdings PLC’s holdings in Wipro were worth $498,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in WIT. Corient Private Wealth LLC lifted its holdings in shares of Wipro by 8.4% in the 4th quarter. Corient Private Wealth LLC now owns 736,524 shares of the information technology services provider’s stock valued at $2,092,000 after purchasing an additional 56,870 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Wipro during the 4th quarter worth approximately $29,000. Nolet Wealth Management LLC purchased a new position in Wipro during the 4th quarter worth approximately $59,000. Virtu Financial LLC acquired a new position in Wipro during the fourth quarter worth approximately $170,000. Finally, Invesco Ltd. lifted its stake in Wipro by 107.1% in the fourth quarter. Invesco Ltd. now owns 1,873,750 shares of the information technology services provider’s stock valued at $5,321,000 after buying an additional 968,899 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Stock Up 1.4%

NYSE WIT opened at $1.86 on Friday. Wipro Limited has a 52-week low of $1.80 and a 52-week high of $3.12. The business’s 50-day moving average price is $2.07 and its 200 day moving average price is $2.27. The firm has a market cap of $19.54 billion, a P/E ratio of 13.32, a P/E/G ratio of 3.96 and a beta of 0.97.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, July 16th. 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 14.97% and a net margin of 14.25%.The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.60 billion. As a group, analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Analyst Ratings Changes

WIT has been the subject of several research analyst reports. Weiss Ratings downgraded Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and cut their target price for the company from $2.20 to $1.70 in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Strong Sell” and a consensus target price of $1.70.

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.