Renaissance Technologies LLC Acquires New Position in Wipro Limited (NYSE:WIT)

Renaissance Technologies LLC acquired a new stake in Wipro Limited (NYSE:WIT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 120,900 shares of the information technology services provider’s stock, valued at approximately $737,000.

A number of other institutional investors have also bought and sold shares of WIT. QRG Capital Management Inc. increased its holdings in shares of Wipro by 6.9% in the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock valued at $158,000 after purchasing an additional 1,665 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Wipro by 13.6% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock worth $86,000 after acquiring an additional 1,692 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Wipro by 47.2% during the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 1,858 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its position in shares of Wipro by 2.7% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 78,573 shares of the information technology services provider’s stock valued at $452,000 after acquiring an additional 2,101 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after purchasing an additional 2,104 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Price Performance

Wipro stock opened at $6.36 on Wednesday. The company’s 50 day simple moving average is $6.24 and its 200-day simple moving average is $5.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. Wipro Limited has a 1 year low of $4.48 and a 1 year high of $7.01. The company has a market capitalization of $33.19 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 4.39 and a beta of 0.90.

Wipro (NYSE:WIT) last announced its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the previous year, the company earned $0.06 earnings per share. As a group, equities research analysts expect that Wipro Limited will post 0.27 earnings per share for the current year.

Analysts Set New Price Targets

WIT has been the topic of a number of analyst reports. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research note on Friday, September 27th. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, Nomura started coverage on Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. Three investment analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.60.

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.