Envestnet Asset Management Inc. Makes New Investment in Wipro Limited (NYSE:WIT)

Envestnet Asset Management Inc. bought a new position in shares of Wipro Limited (NYSE:WIT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,901 shares of the information technology services provider’s stock, valued at approximately $56,000.

Several other institutional investors also recently bought and sold shares of WIT. Vanguard Group Inc. raised its stake in Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock worth $82,692,000 after purchasing an additional 11,196,013 shares during the period. Schroder Investment Management Group grew its position in Wipro by 177.6% in the fourth quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider’s stock worth $34,280,000 after acquiring an additional 6,195,561 shares during the period. JPMorgan Chase & Co. increased its stake in Wipro by 41.5% during the fourth quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider’s stock worth $30,956,000 after acquiring an additional 2,566,388 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Wipro by 97.9% in the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock valued at $26,636,000 after purchasing an additional 3,722,115 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Wipro by 208.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,969,385 shares of the information technology services provider’s stock worth $17,592,000 after purchasing an additional 3,359,066 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Jefferies Financial Group lowered shares of Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday, April 8th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Saturday, April 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold”.

Wipro Stock Performance

Shares of WIT stock opened at $2.82 on Friday. The company has a market cap of $29.49 billion, a P/E ratio of 19.45, a PEG ratio of 3.08 and a beta of 1.03. The firm has a fifty day moving average price of $2.95 and a 200 day moving average price of $4.15. 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 Limited has a 12 month low of $2.55 and a 12 month high of $3.79.

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, hitting analysts’ consensus estimates of $0.04. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $225.66 billion. Wipro had a net margin of 13.96% and a return on equity of 15.46%. Sell-side analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

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.