Norges Bank Invests $22.04 Million in Wipro Limited $WIT

Norges Bank acquired a new position in Wipro Limited (NYSE:WIT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,759,065 shares of the information technology services provider’s stock, valued at approximately $22,036,000. Norges Bank owned 0.07% of Wipro as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in WIT. Royal Bank of Canada lifted its stake in shares of Wipro by 19.8% in the 1st quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock worth $369,000 after purchasing an additional 19,901 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Wipro by 87.0% in the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock worth $828,000 after purchasing an additional 125,967 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Wipro by 22.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after purchasing an additional 1,864,943 shares during the period. Jane Street Group LLC lifted its stake in shares of Wipro by 184.9% in the 1st quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock worth $687,000 after purchasing an additional 145,658 shares during the period. Finally, Geode Capital Management LLC raised its stake in Wipro by 14.3% during the 2nd quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock worth $323,000 after acquiring an additional 13,363 shares during the period. Institutional investors own 2.36% of the company’s stock.

Wipro Trading Down 1.1%

NYSE WIT opened at $2.16 on Wednesday. Wipro Limited has a 12 month low of $1.80 and a 12 month high of $3.13. The stock has a market cap of $22.58 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 4.78 and a beta of 0.97. The company’s 50 day moving average is $2.09 and its two-hundred day moving average is $2.41.

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

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Sell”.

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.