Wipro’s (WIT) Sell Rating Reiterated at Zacks Investment Research

Zacks Investment Research reaffirmed their sell rating on shares of Wipro (NYSE:WIT) in a report published on Sunday, Zacks.com reports.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

Other research analysts have also recently issued research reports about the company. ValuEngine cut Wipro from a hold rating to a sell rating in a research note on Friday, August 2nd. Wedbush reissued an underperform rating on shares of Wipro in a report on Wednesday, July 17th. Finally, TheStreet lowered shares of Wipro from a b rating to a c+ rating in a research report on Tuesday, September 3rd. Five investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Wipro presently has a consensus rating of Sell and an average price target of $4.76.



Wipro stock opened at $3.78 on Friday. The firm has a 50 day simple moving average of $3.89 and a 200-day simple moving average of $4.34. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.71 and a quick ratio of 2.69. The stock has a market capitalization of $22.48 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 1.43 and a beta of 0.50. Wipro has a 12-month low of $3.62 and a 12-month high of $4.63.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. Wipro had a return on equity of 16.57% and a net margin of 15.65%. The firm had revenue of $139.80 million for the quarter, compared to analysts’ expectations of $147.23 billion. The company’s revenue was down 5.0% on a year-over-year basis. On average, analysts forecast that Wipro will post 0.24 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. First Trust Advisors LP boosted its stake in shares of Wipro by 38.7% during the 1st quarter. First Trust Advisors LP now owns 8,743,912 shares of the information technology services provider’s stock worth $34,801,000 after acquiring an additional 2,437,740 shares in the last quarter. AQR Capital Management LLC increased its stake in Wipro by 5.1% in the 2nd quarter. AQR Capital Management LLC now owns 8,178,755 shares of the information technology services provider’s stock worth $35,414,000 after purchasing an additional 394,620 shares in the last quarter. Segantii Capital Management Ltd raised its holdings in Wipro by 3.9% during the 2nd quarter. Segantii Capital Management Ltd now owns 7,996,749 shares of the information technology services provider’s stock worth $34,239,000 after buying an additional 302,759 shares during the period. Aperio Group LLC raised its holdings in Wipro by 8.9% during the 2nd quarter. Aperio Group LLC now owns 5,097,912 shares of the information technology services provider’s stock worth $22,074,000 after buying an additional 418,431 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in Wipro by 43.1% during the first quarter. Parametric Portfolio Associates LLC now owns 4,590,697 shares of the information technology services provider’s stock valued at $18,271,000 after buying an additional 1,382,067 shares in the last quarter. Hedge funds and other institutional investors own 2.22% of the company’s stock.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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