GAMMA Investing LLC Increases Holdings in Wipro Limited (NYSE:WIT)

GAMMA Investing LLC lifted its position in Wipro Limited (NYSE:WIT) by 37.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,841 shares of the information technology services provider’s stock after purchasing an additional 2,426 shares during the quarter. GAMMA Investing LLC’s holdings in Wipro were worth $57,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Abacus Wealth Partners LLC purchased a new position in Wipro during the third quarter valued at approximately $71,000. Newport Capital Group LLC purchased a new position in Wipro during the second quarter valued at approximately $105,000. Creative Planning raised its position in Wipro by 26.8% during the second quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider’s stock valued at $6,548,000 after acquiring an additional 226,915 shares in the last quarter. Millennium Management LLC raised its position in Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after acquiring an additional 2,267,995 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after acquiring an additional 79,431 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Up 0.5 %

Shares of WIT opened at $6.41 on Thursday. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro Limited has a 12 month low of $4.48 and a 12 month high of $7.01. The stock’s 50 day moving average is $6.30 and its two-hundred day moving average is $5.93. The firm has a market cap of $33.49 billion, a P/E ratio of 24.65, a PEG ratio of 4.54 and a beta of 0.90.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. Wipro had a return on equity of 15.01% and a net margin of 12.57%. During the same period last year, the company earned $0.06 earnings per share. Analysts predict that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Investec cut Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Nomura initiated coverage on Wipro in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Friday, September 27th. Three analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wipro has a consensus rating of “Hold” and an average target price of $5.60.

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.