Geode Capital Management LLC Buys 6,323 Shares of Wipro Limited (NYSE:WIT)

Geode Capital Management LLC boosted its stake in Wipro Limited (NYSE:WIT) by 10.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,860 shares of the information technology services provider’s stock after purchasing an additional 6,323 shares during the quarter. Geode Capital Management LLC’s holdings in Wipro were worth $244,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Perigon Wealth Management LLC purchased a new stake in shares of Wipro during the 4th quarter worth approximately $61,000. HighTower Advisors LLC raised its stake in Wipro by 292.0% during the fourth quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider’s stock valued at $221,000 after purchasing an additional 46,432 shares in the last quarter. Tobam purchased a new stake in Wipro during the fourth quarter valued at $261,000. Van ECK Associates Corp grew its stake in shares of Wipro by 89.8% in the 4th quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider’s stock worth $1,235,000 after buying an additional 165,076 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Wipro by 93.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,589 shares of the information technology services provider’s stock worth $307,000 after buying an additional 41,766 shares during the last quarter. Institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Wipro stock opened at $2.90 on Friday. The firm has a market capitalization of $30.33 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. Wipro Limited has a 12-month low of $2.55 and a 12-month high of $3.79. The firm has a 50-day moving average price of $2.99 and a 200-day moving average price of $4.26. 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 announced its earnings results on Wednesday, April 16th. 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%. The business had revenue of $2.62 billion during the quarter, compared to analyst estimates of $225.66 billion. As a group, equities research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WIT. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Jefferies Financial Group lowered Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday, April 8th. Two 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. According to data from MarketBeat, Wipro currently has an average rating of “Hold”.

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.