Abacus Wealth Partners LLC Buys 509,353 Shares of Wipro Limited $WIT

Abacus Wealth Partners LLC lifted its stake in shares of Wipro Limited (NYSE:WIT) by 1,845.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 536,959 shares of the information technology services provider’s stock after acquiring an additional 509,353 shares during the period. Abacus Wealth Partners LLC’s holdings in Wipro were worth $1,525,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in WIT. Walkner Condon Financial Advisors LLC acquired a new position in shares of Wipro during the third quarter valued at about $27,000. Interchange Capital Partners LLC acquired a new position in shares of Wipro during the third quarter valued at about $27,000. Valeo Financial Advisors LLC acquired a new position in shares of Wipro during the fourth quarter valued at about $31,000. Curi Capital LLC acquired a new position in shares of Wipro during the second quarter valued at about $31,000. Finally, Clarendon Private LLC acquired a new position in shares of Wipro during the third quarter valued at about $32,000. Institutional investors own 2.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WIT. Weiss Ratings cut shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Morgan Stanley lowered Wipro to an “underweight” rating in a research report on Monday, January 19th. Two 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.com, Wipro has a consensus rating of “Reduce”.

Wipro Price Performance

NYSE WIT opened at $1.90 on Friday. Wipro Limited has a 1 year low of $1.80 and a 1 year high of $3.13. The firm has a market cap of $19.85 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 4.14 and a beta of 0.92. The company has a fifty day moving average price of $2.13 and a 200-day moving average price of $2.47.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.65 billion. On average, research analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.