Frank Rimerman Advisors LLC Purchases Shares of 87,096 Wipro Limited (NYSE:WIT)

Frank Rimerman Advisors LLC bought a new position in shares of Wipro Limited (NYSE:WIT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 87,096 shares of the information technology services provider's stock, valued at approximately $531,000.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider's stock valued at $33,000 after buying an additional 1,858 shares during the last quarter. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the 2nd quarter valued at about $64,000. Oppenheimer & Co. Inc. acquired a new position in shares of Wipro in the 1st quarter valued at about $60,000. Atomi Financial Group Inc. boosted its stake in shares of Wipro by 29.4% in the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider's stock worth $77,000 after buying an additional 3,023 shares during the last quarter. Finally, Advisors Preferred LLC acquired a new stake in Wipro during the first quarter worth about $79,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Price Performance

NYSE:WIT traded up $0.04 during trading hours on Tuesday, reaching $6.47. 1,314,099 shares of the company were exchanged, compared to its average volume of 2,535,506. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The firm has a market cap of $33.77 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 4.49 and a beta of 0.90. Wipro Limited has a twelve month low of $4.48 and a twelve month high of $7.01. The stock's 50-day moving average is $6.20 and its 200-day moving average is $5.87.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 12.57% and a return on equity of 15.01%. During the same quarter in the prior year, the firm earned $0.06 EPS. On average, sell-side analysts anticipate that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

WIT has been the subject of a number of analyst reports. StockNews.com raised Wipro from a "hold" rating to a "buy" rating in a report on Wednesday, September 18th. Nomura Securities raised shares of Wipro to a "strong-buy" rating in a report on Tuesday, July 2nd. Finally, Nomura initiated coverage on shares of Wipro in a research report on Tuesday, July 2nd. They issued a "buy" rating for the company. Two equities research analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $5.60.

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.