Connor Clark & Lunn Investment Management Ltd. Purchases 3,359,066 Shares of Wipro Limited (NYSE:WIT)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Wipro Limited (NYSE:WIT) by 208.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,969,385 shares of the information technology services provider’s stock after acquiring an additional 3,359,066 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wipro were worth $17,592,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of WIT. Ridgewood Investments LLC boosted its position in shares of 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 purchasing an additional 3,557 shares in the last quarter. Bell Investment Advisors Inc boosted its position in shares of 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 worth $26,000 after purchasing an additional 3,631 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Wipro during the 4th quarter worth about $29,000. Farther Finance Advisors LLC boosted its position in shares of 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 bought a new position in shares of Wipro during the 4th quarter worth about $36,000. Institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

WIT stock opened at $3.04 on Friday. Wipro Limited has a 52-week low of $2.55 and a 52-week high of $3.79. The business has a 50-day simple moving average of $3.50 and a two-hundred day simple moving average of $5.18. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The company has a market capitalization of $31.74 billion, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 3.08 and a beta of 0.94.

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

Analysts Set New Price Targets

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

About Wipro

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.