Wipro Limited $WIT Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC trimmed its stake in Wipro Limited (NYSE:WIT) by 87.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 889,836 shares of the information technology services provider’s stock after selling 6,308,040 shares during the period. Fisher Asset Management LLC’s holdings in Wipro were worth $2,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Evoke Wealth LLC acquired a new position in shares of Wipro in the 4th quarter worth $46,000. Axxcess Wealth Management LLC acquired a new position in shares of Wipro in the 4th quarter worth $29,000. Banque Cantonale Vaudoise grew its holdings in shares of Wipro by 157.5% in the 4th quarter. Banque Cantonale Vaudoise now owns 87,971 shares of the information technology services provider’s stock worth $250,000 after acquiring an additional 53,807 shares during the last quarter. Hardy Reed LLC grew its holdings in shares of Wipro by 101.7% in the 4th quarter. Hardy Reed LLC now owns 29,768 shares of the information technology services provider’s stock worth $85,000 after acquiring an additional 15,007 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Wipro by 22.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 433,297 shares of the information technology services provider’s stock worth $1,231,000 after acquiring an additional 80,463 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Trading Down 3.1%

Shares of WIT stock opened at $2.36 on Friday. Wipro Limited has a 1-year low of $1.80 and a 1-year high of $3.13. The company has a market capitalization of $24.67 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 5.32 and a beta of 0.92. The stock’s fifty day simple moving average is $2.09 and its 200-day simple moving average is $2.43.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 14.97% and a net margin of 14.25%.The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. On average, sell-side analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings cut Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce”.

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.