Sierra Ocean LLC Takes $29,000 Position in Wipro Limited (NYSE:WIT)

Sierra Ocean LLC acquired a new stake in shares of Wipro Limited (NYSE:WIT) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 8,098 shares of the information technology services provider’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WIT. Ridgewood Investments LLC raised its holdings in shares of Wipro by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 3,557 shares in the last quarter. Beacon Financial Group bought a new position in shares of Wipro during the fourth quarter valued at approximately $38,000. Leo Wealth LLC bought a new position in shares of Wipro during the fourth quarter valued at approximately $40,000. BOCHK Asset Management Ltd bought a new position in shares of Wipro during the fourth quarter valued at approximately $42,000. Finally, PFG Investments LLC bought a new position in shares of Wipro during the fourth quarter valued at approximately $43,000. Institutional investors own 2.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on WIT. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wipro has an average rating of “Moderate Buy”.

Wipro Price Performance

WIT opened at $3.68 on Wednesday. The stock has a fifty day simple moving average of $3.67 and a two-hundred day simple moving average of $5.50. 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 company has a market cap of $38.43 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 3.13 and a beta of 0.91. Wipro Limited has a 12-month low of $2.55 and a 12-month high of $3.79.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

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.