Summit Global Investments Makes New Investment in Wipro Limited (NYSE:WIT)

Summit Global Investments bought a new stake in Wipro Limited (NYSE:WIT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 309,816 shares of the information technology services provider's stock, valued at approximately $948,000.

A number of other institutional investors also recently modified their holdings of the company. Bell Investment Advisors Inc boosted its position in shares of Wipro by 100.0% during the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock worth $26,000 after purchasing an additional 3,631 shares in the last quarter. Sierra Ocean LLC bought a new position in Wipro in the 4th quarter valued at about $29,000. Farther Finance Advisors LLC grew its stake in shares of Wipro by 148.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 4,851 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Wipro during the 4th quarter worth approximately $35,000. Finally, Freestone Capital Holdings LLC acquired a new position in shares of Wipro during the 4th quarter worth approximately $36,000. Institutional investors own 2.36% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Jefferies Financial Group downgraded shares of Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. Wall Street Zen upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Two research analysts have 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 company's stock. According to data from MarketBeat, the company has an average rating of "Hold".

Wipro Stock Down 0.3%

NYSE:WIT traded down $0.01 during trading hours on Monday, reaching $2.87. The company had a trading volume of 7,332,310 shares, compared to its average volume of 5,040,276. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.07. Wipro Limited has a twelve month low of $2.58 and a twelve month high of $3.79. The business's 50-day simple moving average is $2.89 and its two-hundred day simple moving average is $3.72. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 19.79, a P/E/G ratio of 3.08 and a beta of 1.03.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly 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 net margin of 13.96% and a return on equity of 15.46%. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $225.66 billion. On average, equities analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

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.