Ovata Capital Management Ltd Acquires 1,300,000 Shares of Wipro Limited (NYSE:WIT)

Ovata Capital Management Ltd increased its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 100.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,600,000 shares of the information technology services provider's stock after purchasing an additional 1,300,000 shares during the period. Wipro makes up about 3.5% of Ovata Capital Management Ltd's portfolio, making the stock its 11th biggest holding. Ovata Capital Management Ltd's holdings in Wipro were worth $9,204,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WIT. FMR LLC grew its position in Wipro by 62.0% during the third quarter. FMR LLC now owns 166,071 shares of the information technology services provider's stock worth $1,076,000 after buying an additional 63,586 shares in the last quarter. Townsquare Capital LLC bought a new stake in shares of Wipro during the 3rd quarter valued at $136,000. Glenmede Trust Co. NA grew its holdings in shares of Wipro by 4.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider's stock worth $242,000 after purchasing an additional 1,746 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Wipro by 89.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 253,557 shares of the information technology services provider's stock worth $1,643,000 after purchasing an additional 119,883 shares during the period. Finally, Centiva Capital LP acquired a new position in Wipro in the third quarter valued at about $140,000. 2.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group upgraded shares of Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. Jefferies Financial Group downgraded Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday. Finally, StockNews.com upgraded Wipro from a "hold" rating to a "buy" rating in a research report on Monday, January 20th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold".

Wipro Trading Down 4.0 %

WIT traded down $0.12 during trading on Thursday, hitting $2.78. The company's stock had a trading volume of 4,176,098 shares, compared to its average volume of 5,053,262. The firm has a market capitalization of $29.02 billion, a P/E ratio of 19.07, a PEG ratio of 3.08 and a beta of 0.96. Wipro Limited has a twelve month low of $2.55 and a twelve month high of $3.79. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock's fifty day moving average price is $3.27 and its 200-day moving average price is $4.69.

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

Wipro 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.