Renaissance Technologies LLC Acquires 586,800 Shares of Wipro Limited (NYSE:WIT)

Renaissance Technologies LLC grew its position in Wipro Limited (NYSE:WIT - Free Report) by 323.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 768,000 shares of the information technology services provider's stock after purchasing an additional 586,800 shares during the quarter. Renaissance Technologies LLC's holdings in Wipro were worth $2,719,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ridgewood Investments LLC raised its position 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 worth $25,000 after buying an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc increased its holdings in Wipro by 100.0% during the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock valued at $26,000 after acquiring an additional 3,631 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Wipro in the 4th quarter valued at approximately $29,000. Farther Finance Advisors LLC increased its position in Wipro by 148.3% during the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 4,851 shares in the last quarter. Finally, Freestone Capital Holdings LLC acquired a new position in Wipro in the 4th quarter valued at $36,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on WIT. StockNews.com upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research note on Saturday. UBS Group upgraded Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. Finally, Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold".

Wipro Stock Performance

WIT traded down $0.01 on Wednesday, hitting $2.86. 5,662,870 shares of the stock traded hands, compared to its average volume of 5,048,612. Wipro Limited has a 52 week low of $2.55 and a 52 week high of $3.79. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average price of $3.01 and a two-hundred day moving average price of $4.32. The firm has a market capitalization of $29.91 billion, a PE ratio of 19.73, a P/E/G ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, research analysts predict 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.