NewEdge Wealth LLC Raises Position in Wipro Limited (NYSE:WIT)

NewEdge Wealth LLC increased its stake in Wipro Limited (NYSE:WIT - Free Report) by 100.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 683,295 shares of the information technology services provider's stock after acquiring an additional 341,906 shares during the quarter. NewEdge Wealth LLC's holdings in Wipro were worth $2,419,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Ridgewood Investments LLC grew its stake in Wipro by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 3,557 shares during the period. Sierra Ocean LLC bought a new stake in Wipro during the 4th quarter valued at $29,000. Beacon Financial Group acquired a new position in Wipro during the fourth quarter worth $38,000. Leo Wealth LLC bought a new position in shares of Wipro in the fourth quarter valued at $40,000. Finally, BOCHK Asset Management Ltd acquired a new position in shares of Wipro during the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Analysts Set New Price Targets

WIT has been the topic of a number of analyst reports. StockNews.com upgraded shares of Wipro from a "hold" rating to a "buy" rating in a report on Monday, January 20th. HSBC upgraded Wipro from a "reduce" rating to a "hold" rating in a report on Monday, December 9th. Finally, UBS Group raised Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy".

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Wipro Stock Performance

Shares of Wipro stock traded down $0.02 during mid-day trading on Tuesday, hitting $3.24. 2,116,018 shares of the stock were exchanged, compared to its average volume of 4,933,990. Wipro Limited has a 12 month low of $2.55 and a 12 month high of $3.79. The company has a 50-day simple moving average of $3.56 and a 200 day simple moving average of $5.33. The company has a market capitalization of $33.83 billion, a P/E ratio of 22.24, a P/E/G ratio of 3.08 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Sell-side analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

About Wipro

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.