Wipro (NYSE:WIT) Announces Earnings Results, Meets Expectations

Wipro (NYSE:WIT) released its earnings results on Tuesday. The information technology services provider reported $0.07 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.07, MarketWatch Earnings reports. Wipro had a net margin of 17.83% and a return on equity of 20.35%. During the same period in the previous year, the firm posted $0.06 earnings per share.

Shares of NYSE WIT traded up $0.11 during midday trading on Thursday, reaching $9.68. 5,943 shares of the stock were exchanged, compared to its average volume of 1,941,666. The company has a market capitalization of $55.11 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.66 and a beta of 0.63. Wipro has a 52-week low of $4.76 and a 52-week high of $9.80. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average price of $9.11 and a 200-day moving average price of $8.13.

An institutional investor recently raised its position in Wipro stock. Morgan Stanley increased its stake in Wipro Limited (NYSE:WIT) by 14.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,996,833 shares of the information technology services provider’s stock after acquiring an additional 383,499 shares during the period. Morgan Stanley owned approximately 0.05% of Wipro worth $23,406,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 2.28% of the company’s stock.

Several analysts have recently commented on WIT shares. Zacks Investment Research upgraded shares of Wipro from a “sell” rating to a “hold” rating in a research note on Wednesday, July 21st. Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. upgraded shares of Wipro from an “underweight” rating to a “neutral” rating in a research note on Thursday, September 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $7.12.

About Wipro

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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