Resonant Capital Advisors LLC Makes New $99,000 Investment in Wipro Limited $WIT

Resonant Capital Advisors LLC bought a new stake in Wipro Limited (NYSE:WIT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 32,705 shares of the information technology services provider’s stock, valued at approximately $99,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WIT. Mirae Asset Global Investments Co. Ltd. grew its position in Wipro by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock valued at $278,000 after acquiring an additional 5,103 shares in the last quarter. HB Wealth Management LLC grew its holdings in Wipro by 12.2% during the 2nd quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider’s stock valued at $162,000 after purchasing an additional 5,856 shares in the last quarter. QRG Capital Management Inc. increased its stake in Wipro by 78.8% during the 2nd quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider’s stock worth $372,000 after buying an additional 54,337 shares during the period. Modern Wealth Management LLC purchased a new position in Wipro in the 1st quarter valued at about $612,000. Finally, Cerity Partners LLC grew its stake in shares of Wipro by 63.5% during the first quarter. Cerity Partners LLC now owns 970,796 shares of the information technology services provider’s stock valued at $2,971,000 after acquiring an additional 376,892 shares in the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on WIT. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reissued 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 stock. According to data from MarketBeat, Wipro has a consensus rating of “Reduce”.

Wipro Stock Up 0.6%

WIT opened at $2.69 on Wednesday. The company’s 50-day moving average price is $2.73 and its 200 day moving average price is $2.83. Wipro Limited has a fifty-two week low of $2.58 and a fifty-two week high of $3.79. The firm has a market cap of $28.11 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 16.16 and a beta of 1.00.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 16th. The information technology services provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $224.40 billion. Wipro had a net margin of 15.06% and a return on equity of 15.80%. Research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

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.