Drive Wealth Management LLC Lowers Stock Holdings in Wipro Limited (NYSE:WIT)

Drive Wealth Management LLC lowered its holdings in Wipro Limited (NYSE:WIT) by 10.6% in the first quarter, Holdings Channel.com reports. The firm owned 18,150 shares of the information technology services provider’s stock after selling 2,146 shares during the period. Drive Wealth Management LLC’s holdings in Wipro were worth $104,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Direct Indexing L.P. lifted its stake in shares of Wipro by 8.8% during the first quarter. First Trust Direct Indexing L.P. now owns 227,969 shares of the information technology services provider’s stock worth $1,311,000 after purchasing an additional 18,374 shares in the last quarter. Janiczek Wealth Management LLC grew its holdings in shares of Wipro by 9.7% during the first quarter. Janiczek Wealth Management LLC now owns 115,949 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 10,242 shares during the last quarter. DGS Capital Management LLC increased its position in Wipro by 10.1% in the 1st quarter. DGS Capital Management LLC now owns 154,646 shares of the information technology services provider’s stock valued at $889,000 after acquiring an additional 14,155 shares during the period. Cherrydale Wealth Management LLC increased its position in Wipro by 14.2% in the 1st quarter. Cherrydale Wealth Management LLC now owns 20,756 shares of the information technology services provider’s stock valued at $119,000 after acquiring an additional 2,588 shares during the period. Finally, Ballentine Partners LLC increased its position in Wipro by 22.2% in the 1st quarter. Ballentine Partners LLC now owns 227,698 shares of the information technology services provider’s stock valued at $1,309,000 after acquiring an additional 41,342 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Up 0.4 %

NYSE WIT traded up $0.02 during trading on Friday, hitting $5.46. 3,097,535 shares of the company traded hands, compared to its average volume of 3,939,560. Wipro Limited has a 12 month low of $4.48 and a 12 month high of $6.45. The business has a fifty day simple moving average of $5.84 and a 200 day simple moving average of $5.42. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $28.49 billion, a P/E ratio of 21.84, a PEG ratio of 2.19 and a beta of 0.87.

Analyst Upgrades and Downgrades

WIT has been the subject of a number of research reports. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research note on Wednesday. TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research report on Friday, January 12th. BNP Paribas began coverage on Wipro in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.20 price objective for the company. Finally, Wedbush increased their price objective on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a report on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating and one has given a hold rating to the company. According to MarketBeat.com, Wipro presently has an average rating of “Reduce” and an average target price of $5.05.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.