Allianz Asset Management GmbH Sells 668,297 Shares of Wipro Limited $WIT

Allianz Asset Management GmbH trimmed its holdings in Wipro Limited (NYSE:WIT) by 40.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 975,685 shares of the information technology services provider’s stock after selling 668,297 shares during the quarter. Allianz Asset Management GmbH’s holdings in Wipro were worth $2,566,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of WIT. Bank of America Corp DE lifted its position in shares of Wipro by 298.9% during the second quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock worth $23,226,000 after purchasing an additional 5,762,771 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in Wipro by 42.7% during the 2nd quarter. Penserra Capital Management LLC now owns 6,446,407 shares of the information technology services provider’s stock valued at $19,468,000 after buying an additional 1,929,377 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in 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 valued at $31,683,000 after buying an additional 1,864,943 shares during the period. BNP Paribas Financial Markets grew its stake in Wipro by 17.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 9,965,693 shares of the information technology services provider’s stock worth $30,096,000 after acquiring an additional 1,466,462 shares in the last quarter. Finally, LMR Partners LLP increased its position in shares of Wipro by 174.7% during the second quarter. LMR Partners LLP now owns 1,417,767 shares of the information technology services provider’s stock worth $4,282,000 after acquiring an additional 901,587 shares during the period. Institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Shares of WIT stock opened at $2.39 on Thursday. The stock’s fifty day moving average price is $2.77 and its 200 day moving average price is $2.73. Wipro Limited has a 1-year low of $2.37 and a 1-year high of $3.69. The company has a market cap of $24.98 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 9.98 and a beta of 1.05.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a return on equity of 15.35% and a net margin of 14.61%. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on WIT shares. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Morgan Stanley downgraded Wipro to an “underweight” rating in a report on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average 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.