NewEdge Wealth LLC Purchases 341,906 Shares of Wipro Limited (NYSE:WIT)

NewEdge Wealth LLC boosted its position in Wipro Limited (NYSE:WIT) by 100.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 683,295 shares of the information technology services provider’s stock after purchasing 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 quarter.

Other institutional investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC grew its stake in shares of Wipro by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 3,557 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Wipro in the fourth quarter worth $29,000. Beacon Financial Group purchased a new stake in shares of Wipro in the fourth quarter worth $38,000. Leo Wealth LLC purchased a new stake in shares of Wipro in the fourth quarter worth $40,000. Finally, BOCHK Asset Management Ltd purchased a new stake in shares of Wipro in the fourth quarter worth $42,000. Institutional investors own 2.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WIT. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Finally, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Wipro Trading Down 2.4 %

Wipro stock opened at $3.28 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. Wipro Limited has a one year low of $2.55 and a one year high of $3.79. The stock has a market capitalization of $34.30 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 3.08 and a beta of 0.91. The business’s fifty day moving average is $3.57 and its 200 day moving average is $5.36.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, sell-side analysts predict that Wipro Limited will post 0.14 EPS for the current 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.