Cerity Partners LLC Buys 376,892 Shares of Wipro Limited (NYSE:WIT)

Cerity Partners LLC grew its stake in shares of Wipro Limited (NYSE:WIT) by 63.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 970,796 shares of the information technology services provider’s stock after acquiring an additional 376,892 shares during the period. Cerity Partners LLC’s holdings in Wipro were worth $2,971,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. increased its stake in shares of Wipro by 17.5% during the first quarter. Alps Advisors Inc. now owns 417,132 shares of the information technology services provider’s stock valued at $1,276,000 after buying an additional 62,000 shares during the period. Penserra Capital Management LLC grew its holdings in Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider’s stock worth $13,822,000 after acquiring an additional 1,313,832 shares in the last quarter. Bank of New York Mellon Corp increased its position in Wipro by 178.5% during the 1st quarter. Bank of New York Mellon Corp now owns 70,881 shares of the information technology services provider’s stock valued at $217,000 after purchasing an additional 45,430 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Wipro by 5.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock valued at $278,000 after purchasing an additional 5,103 shares in the last quarter. Finally, Perpetual Ltd bought a new stake in shares of Wipro in the 1st quarter valued at about $2,510,000. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 2.0%

NYSE:WIT opened at $3.00 on Friday. The company’s 50-day simple moving average is $2.97 and its 200-day simple moving average is $3.14. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.72. Wipro Limited has a fifty-two week low of $2.63 and a fifty-two week high of $3.79. The stock has a market capitalization of $31.38 billion, a P/E ratio of 19.35, a P/E/G ratio of 8.62 and a beta of 1.02.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 16.07%. On average, equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WIT. Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a research note on Friday, June 20th. Wall Street Zen raised Wipro from a “hold” rating to a “buy” rating in a research report on Saturday, April 26th. Finally, Jefferies Financial Group lowered Wipro from a “hold” rating to an “underperform” rating in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold”.

Wipro 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.