Intelligence Driven Advisers LLC Takes $61,000 Position in Wipro Limited (NYSE:WIT)

Intelligence Driven Advisers LLC acquired a new stake in shares of Wipro Limited (NYSE:WIT) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 10,812 shares of the information technology services provider’s stock, valued at approximately $61,000.

A number of other institutional investors have also recently made changes to their positions in the stock. AlphaQ Advisors LLC bought a new position in shares of Wipro during the third quarter valued at approximately $48,000. Marks Group Wealth Management Inc bought a new position in shares of Wipro during the third quarter valued at approximately $49,000. Keel Point LLC bought a new position in shares of Wipro during the third quarter valued at approximately $54,000. Dorsey & Whitney Trust CO LLC bought a new position in shares of Wipro during the third quarter valued at approximately $56,000. Finally, Xponance Inc. bought a new position in shares of Wipro during the third quarter valued at approximately $63,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 0.2 %

WIT traded down $0.01 during trading on Thursday, reaching $5.37. The stock had a trading volume of 1,596,419 shares, compared to its average volume of 2,921,427. The stock’s 50 day moving average is $5.79 and its two-hundred day moving average is $5.43. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $28.03 billion, a price-to-earnings ratio of 21.56, a P/E/G ratio of 2.24 and a beta of 0.86. Wipro Limited has a one year low of $4.48 and a one year high of $6.45.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. BNP Paribas assumed coverage on Wipro in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.20 target price for the company. StockNews.com downgraded Wipro from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Wedbush increased their price objective on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a report on Tuesday, January 16th. Finally, TheStreet upgraded Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. Four equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. Based on data from MarketBeat, Wipro presently has a consensus rating of “Reduce” and a consensus price target of $5.05.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.