Frank Rimerman Advisors LLC Sells 470,937 Shares of Wipro Limited $WIT

Frank Rimerman Advisors LLC trimmed its position in shares of Wipro Limited (NYSE:WIT) by 96.5% during the 1st quarter, Holdings Channel reports. The firm owned 16,916 shares of the information technology services provider’s stock after selling 470,937 shares during the period. 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 institutional investors have also bought and sold shares of the business. Axxcess Wealth Management LLC purchased a new position in shares of Wipro during the fourth quarter worth approximately $29,000. Guggenheim Capital LLC purchased a new stake in shares of Wipro in the fourth quarter valued at approximately $29,000. Sapient Capital LLC purchased a new stake in shares of Wipro in the fourth quarter valued at approximately $29,000. Curi Capital LLC bought a new position in Wipro in the second quarter worth approximately $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Wipro during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Performance

WIT stock traded up $0.03 during trading on Friday, reaching $1.88. 17,706,313 shares of the company traded hands, compared to its average volume of 13,820,294. Wipro Limited has a 12 month low of $1.80 and a 12 month 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. The business has a 50 day simple moving average of $2.08 and a 200 day simple moving average of $2.30.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, April 16th. 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 14.25% and a return on equity of 14.97%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.65 billion. As a group, research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Analysts Set New Price Targets

WIT has been the subject of several research reports. Weiss Ratings upgraded Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 29th. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and cut their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $1.70.

Wipro Company 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.