Norges Bank Acquires Shares of 7,759,065 Wipro Limited $WIT

Norges Bank acquired a new stake in shares of Wipro Limited (NYSE:WIT) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 7,759,065 shares of the information technology services provider’s stock, valued at approximately $22,036,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Allworth Financial LP grew 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 in the last quarter. Tidal Investments LLC grew its holdings in Wipro by 19.3% during the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after buying an additional 4,403 shares in the last quarter. Cresset Asset Management LLC grew its holdings in Wipro by 10.2% during the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after buying an additional 5,166 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Wipro by 7.0% during the 3rd quarter. Raymond James Financial Inc. now owns 84,707 shares of the information technology services provider’s stock valued at $223,000 after buying an additional 5,575 shares in the last quarter. Finally, MGO One Seven LLC grew its holdings in Wipro by 22.8% during the 4th quarter. MGO One Seven LLC now owns 31,062 shares of the information technology services provider’s stock valued at $88,000 after buying an additional 5,772 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Trading Down 1.1%

WIT opened at $2.16 on Wednesday. The firm has a market cap of $22.58 billion, a P/E ratio of 15.39, a P/E/G ratio of 4.78 and a beta of 0.97. Wipro Limited has a 12 month low of $1.80 and a 12 month high of $3.13. The stock has a 50-day moving average of $2.09 and a 200 day moving average of $2.41.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.65 billion. Wipro had a return on equity of 14.97% and a net margin of 14.25%. On average, research analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Wipro has a consensus rating of “Sell”.

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.