Caprock Group LLC Makes New Investment in Wipro Limited $WIT

Caprock Group LLC acquired a new stake in Wipro Limited (NYSE:WIT) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 251,363 shares of the information technology services provider’s stock, valued at approximately $694,000.

Other hedge funds also recently modified their holdings of the company. Walkner Condon Financial Advisors LLC acquired a new position in Wipro in the 3rd quarter valued at about $27,000. Curi Capital LLC bought a new stake in shares of Wipro during the second quarter worth approximately $31,000. Clarendon Private LLC acquired a new position in shares of Wipro in the third quarter valued at approximately $32,000. Atlas Legacy Advisors LLC bought a new position in shares of Wipro during the third quarter worth approximately $37,000. Finally, Haven Private LLC acquired a new stake in Wipro during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on WIT. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. CLSA downgraded shares of Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Morgan Stanley cut shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Wipro Stock Performance

Shares of WIT stock opened at $2.34 on Tuesday. Wipro Limited has a fifty-two week low of $2.26 and a fifty-two week high of $3.69. The stock’s fifty day moving average price is $2.74 and its two-hundred day moving average price is $2.72. The company has a market cap of $24.46 billion, a PE ratio of 16.68, a P/E/G ratio of 9.34 and a beta of 1.05.

Wipro (NYSE:WIT) last announced its quarterly earnings data 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. Wipro had a return on equity of 15.35% and a net margin of 14.61%.The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.63 billion. On average, equities analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

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.