Frank Rimerman Advisors LLC Cuts Stock Position in Wipro Limited (NYSE:WIT)

Frank Rimerman Advisors LLC lessened its holdings in Wipro Limited (NYSE:WIT) by 85.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,548 shares of the information technology services provider’s stock after selling 74,548 shares during the period. Frank Rimerman Advisors LLC’s holdings in Wipro were worth $44,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WIT. Ridgewood Investments LLC raised its stake in shares of Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 3,557 shares during the period. Bell Investment Advisors Inc grew its holdings in 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 valued at $26,000 after purchasing an additional 3,631 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Wipro during the 4th quarter valued at $29,000. Farther Finance Advisors LLC grew its holdings in 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 valued at $29,000 after purchasing an additional 4,851 shares in the last quarter. Finally, Freestone Capital Holdings LLC acquired a new stake in Wipro during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Shares of WIT stock opened at $3.06 on Tuesday. The firm has a market cap of $31.95 billion, a P/E ratio of 21.07, a P/E/G ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. Wipro Limited has a 1-year low of $2.55 and a 1-year high of $3.79. The firm has a fifty day moving average of $3.48 and a two-hundred day moving average of $5.12.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share 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%. As a group, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently 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.