NewEdge Wealth LLC Increases Stock Holdings in Wipro Limited (NYSE:WIT)

NewEdge Wealth LLC boosted its position in Wipro Limited (NYSE:WIT) by 100.2% during the 4th quarter, HoldingsChannel reports. The firm owned 683,295 shares of the information technology services provider’s stock after purchasing an additional 341,906 shares during the period. NewEdge Wealth LLC’s holdings in Wipro were worth $2,419,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of WIT. Allspring Global Investments Holdings LLC purchased a new position in Wipro in the third quarter worth about $860,000. BSW Wealth Partners raised its stake in shares of Wipro by 2.8% in the third quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider’s stock worth $573,000 after buying an additional 2,418 shares during the period. QRG Capital Management Inc. raised its stake in shares of Wipro by 13.2% in the third quarter. QRG Capital Management Inc. now owns 29,244 shares of the information technology services provider’s stock worth $190,000 after buying an additional 3,408 shares during the period. PDS Planning Inc raised its stake in shares of Wipro by 3.7% in the third quarter. PDS Planning Inc now owns 92,352 shares of the information technology services provider’s stock worth $598,000 after buying an additional 3,302 shares during the period. Finally, Verdence Capital Advisors LLC bought a new position in shares of Wipro in the third quarter worth about $211,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WIT shares. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Wipro Stock Down 2.4 %

Shares of WIT opened at $3.28 on Friday. The business’s 50 day moving average is $3.57 and its 200 day moving average is $5.36. The company 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. Wipro Limited has a 12-month low of $2.55 and a 12-month high of $3.79. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07.

Wipro (NYSE:WIT) last issued its earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (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%. Research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal 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.