Drive Wealth Management LLC Decreases Stock Holdings in Wipro Limited $WIT

Drive Wealth Management LLC trimmed its stake in shares of Wipro Limited (NYSE:WIT) by 11.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,000 shares of the information technology services provider’s stock after selling 4,226 shares during the period. Drive Wealth Management LLC’s holdings in Wipro were worth $100,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Vest Financial LLC purchased a new stake in Wipro during the second quarter valued at approximately $31,000. Hamilton Capital LLC purchased a new stake in Wipro during the first quarter valued at approximately $32,000. Legacy Advisors LLC purchased a new stake in Wipro during the first quarter valued at approximately $40,000. Hoxton Planning & Management LLC purchased a new stake in Wipro during the first quarter valued at approximately $48,000. Finally, Focus Partners Advisor Solutions LLC increased its holdings in Wipro by 62.4% during the first quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider’s stock valued at $50,000 after buying an additional 6,245 shares during the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Price Performance

WIT opened at $2.69 on Wednesday. The firm has a market cap of $28.11 billion, a P/E ratio of 17.90, a PEG ratio of 15.98 and a beta of 1.00. Wipro Limited has a 1-year low of $2.58 and a 1-year high of $3.79. The company has a 50 day simple moving average of $2.73 and a two-hundred day simple moving average of $2.84.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm 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 15.70% and a net margin of 15.06%. Equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. CLSA cut shares of Wipro from an “outperform” rating to a “hold” rating in a report on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Wipro in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Wipro currently has a consensus rating of “Reduce”.

Wipro Company 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.