Frank Rimerman Advisors LLC Acquires 407,460 Shares of Wipro Limited $WIT

Frank Rimerman Advisors LLC increased its stake in Wipro Limited (NYSE:WIT) by 3,247.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 420,008 shares of the information technology services provider’s stock after acquiring an additional 407,460 shares during the period. Frank Rimerman Advisors LLC’s holdings in Wipro were worth $1,268,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Vest Financial LLC bought a new stake in shares of Wipro in the 2nd quarter valued at approximately $31,000. Hamilton Capital LLC bought a new position in shares of Wipro during the 1st quarter valued at approximately $32,000. Haven Private LLC purchased a new stake in Wipro during the 2nd quarter valued at $39,000. Rehmann Capital Advisory Group purchased a new stake in Wipro during the 2nd quarter valued at $40,000. Finally, Hoxton Planning & Management LLC purchased a new position in Wipro during the first quarter worth $48,000. 2.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on WIT. Weiss Ratings reiterated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. CLSA downgraded shares of Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

Wipro Stock Down 0.2%

WIT stock opened at $2.63 on Wednesday. Wipro Limited has a twelve month low of $2.55 and a twelve month high of $3.79. The firm has a market cap of $27.49 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 16.16 and a beta of 1.02. The business’s fifty day simple moving average is $2.69 and its two-hundred day simple moving average is $2.81.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, October 16th. The information technology services provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $224.40 billion. Wipro had a return on equity of 15.80% and a net margin of 15.06%. Research analysts expect that Wipro Limited will post 0.14 EPS for the current 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.