Verdence Capital Advisors LLC Buys 33,569 Shares of Wipro Limited (NYSE:WIT)

Verdence Capital Advisors LLC boosted its position in shares of Wipro Limited (NYSE:WIT) by 103.3% in the fourth quarter, HoldingsChannel reports. The fund owned 66,061 shares of the information technology services provider’s stock after purchasing an additional 33,569 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Wipro were worth $234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WIT. Ridgewood Investments LLC grew its stake in Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 3,557 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Wipro in the fourth quarter valued at approximately $29,000. Beacon Financial Group purchased a new position in Wipro during the 4th quarter worth approximately $38,000. Leo Wealth LLC acquired a new stake in Wipro during the 4th quarter valued at approximately $40,000. Finally, Flputnam Investment Management Co. purchased a new stake in shares of Wipro in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on WIT. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Wipro Price Performance

Wipro stock opened at $3.28 on Friday. The company has a fifty day simple moving average of $3.53 and a 200-day simple moving average of $5.27. 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 firm has a market capitalization of $34.25 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 3.08 and a beta of 0.94. Wipro Limited has a 52-week low of $2.55 and a 52-week high of $3.79.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, equities analysts anticipate that Wipro Limited will post 0.14 EPS 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.