Victory Capital Management Inc. Buys New Holdings in Wipro Limited (NYSE:WIT)

Victory Capital Management Inc. purchased a new position in Wipro Limited (NYSE:WIT) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 151,315 shares of the information technology services provider’s stock, valued at approximately $923,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro in the second quarter worth $64,000. Van ECK Associates Corp lifted its stake in Wipro by 38.8% in the 2nd quarter. Van ECK Associates Corp now owns 196,752 shares of the information technology services provider’s stock worth $1,200,000 after purchasing an additional 55,048 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Wipro during the 2nd quarter valued at about $177,000. Wealthstream Advisors Inc. grew its position in shares of Wipro by 20.5% during the second quarter. Wealthstream Advisors Inc. now owns 28,144 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 4,793 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Wipro in the second quarter worth about $2,600,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Nomura assumed coverage on Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wipro has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Trading Down 0.2 %

WIT opened at $6.46 on Friday. The stock has a 50-day moving average of $6.20 and a 200 day moving average of $5.87. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro Limited has a 12 month low of $4.48 and a 12 month high of $7.01. The firm has a market cap of $33.75 billion, a P/E ratio of 25.84, a P/E/G ratio of 4.49 and a beta of 0.90.

Wipro (NYSE:WIT) last announced its earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the business earned $0.06 EPS. As a group, research analysts forecast that Wipro Limited will post 0.27 EPS for the current year.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.