Frank Rimerman Advisors LLC Has $36,000 Holdings in Wipro Limited $WIT

Frank Rimerman Advisors LLC cut its position in shares of Wipro Limited (NYSE:WIT) by 96.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,916 shares of the information technology services provider’s stock after selling 470,937 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Wipro were worth $36,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Morgan Stanley raised its position in shares of Wipro by 65.0% in the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after acquiring an additional 19,114,904 shares in the last quarter. Defiance ETFs LLC bought a new position in shares of Wipro during the 4th quarter worth approximately $39,525,000. UBS Group AG boosted its holdings in shares of Wipro by 165.0% during the 3rd quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock worth $34,308,000 after buying an additional 8,122,275 shares in the last quarter. Norges Bank acquired a new stake in shares of Wipro during the 4th quarter worth approximately $22,036,000. Finally, Bank of America Corp DE increased its stake in shares of Wipro by 298.9% in the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after acquiring an additional 5,762,771 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on WIT. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $1.70.

Wipro Stock Performance

NYSE WIT traded up $0.03 on Friday, hitting $1.88. The stock had a trading volume of 17,706,313 shares, compared to its average volume of 13,820,294. The firm has a 50-day moving average of $2.08 and a 200-day moving average of $2.30. Wipro Limited has a 52-week low of $1.80 and a 52-week high of $3.12. The company has a market capitalization of $19.64 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 4.03 and a beta of 0.97.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. As a group, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.