Ritholtz Wealth Management Decreases Stock Position in Wipro Limited (NYSE:WIT)

Ritholtz Wealth Management cut its position in Wipro Limited (NYSE:WIT) by 7.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 240,038 shares of the information technology services provider’s stock after selling 19,465 shares during the quarter. Ritholtz Wealth Management’s holdings in Wipro were worth $735,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bell Investment Advisors Inc boosted its stake in shares of Wipro by 100.0% in the fourth 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 during the period. Sierra Ocean LLC purchased a new position in shares of Wipro in the fourth quarter valued at $29,000. Farther Finance Advisors LLC boosted its stake in shares of Wipro by 148.3% in the fourth 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 during the period. Focus Partners Advisor Solutions LLC purchased a new position in shares of Wipro in the fourth quarter valued at $35,000. Finally, Freestone Capital Holdings LLC purchased a new position in shares of Wipro in the fourth quarter valued at $36,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Trading Down 0.8%

NYSE WIT opened at $3.00 on Thursday. Wipro Limited has a 12 month low of $2.63 and a 12 month high of $3.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.72 and a quick ratio of 2.71. The company has a market capitalization of $31.33 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 8.71 and a beta of 1.02. The company’s fifty day moving average price is $2.88 and its two-hundred day moving average price is $3.40.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Wednesday, April 16th. 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 14.73% and a return on equity of 15.97%. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. As a group, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Saturday, April 26th. Jefferies Financial Group downgraded shares of Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold”.

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.