Drive Wealth Management LLC Has $135,000 Stake in Wipro Limited (NYSE:WIT)

Drive Wealth Management LLC raised its position in Wipro Limited (NYSE:WIT) by 105.8% during the fourth quarter, Holdings Channel reports. The firm owned 38,117 shares of the information technology services provider’s stock after purchasing an additional 19,594 shares during the period. Drive Wealth Management LLC’s holdings in Wipro were worth $135,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Glenmede Trust Co. NA lifted its position in shares of Wipro by 4.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 1,746 shares during the period. BSW Wealth Partners lifted its position in shares of Wipro by 2.8% in the 3rd quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider’s stock worth $573,000 after purchasing an additional 2,418 shares during the period. GAMMA Investing LLC lifted its position in shares of Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after purchasing an additional 2,426 shares during the period. Xponance Inc. lifted its position in shares of Wipro by 21.7% in the 2nd quarter. Xponance Inc. now owns 15,866 shares of the information technology services provider’s stock worth $97,000 after purchasing an additional 2,832 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Wipro by 9.1% in the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after acquiring an additional 2,951 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Finally, StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Wipro Stock Performance

Shares of WIT stock opened at $3.65 on Wednesday. The firm has a market capitalization of $38.09 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 3.09 and a beta of 0.91. The firm has a fifty day simple moving average of $4.68 and a two-hundred day simple moving average of $5.78. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro Limited has a 12 month low of $2.55 and a 12 month high of $3.79.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.71%. Analysts forecast that Wipro Limited will post 0.14 EPS 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.