Wipro (NYSE:WIT) Releases Quarterly Earnings Results, Meets Estimates

Wipro (NYSE:WIT) announced its quarterly earnings data on Tuesday. The information technology services provider reported $0.07 earnings per share 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 quarter last year, the company posted $0.06 EPS.

NYSE WIT traded up $0.11 during trading on Thursday, reaching $9.68. 14,237 shares of the company’s stock were exchanged, compared to its average volume of 1,941,666. Wipro has a fifty-two week low of $4.76 and a fifty-two week high of $9.80. The firm has a market capitalization of $55.11 billion, a PE ratio of 34.18, a P/E/G ratio of 3.66 and a beta of 0.63. 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 company’s fifty day simple moving average is $9.11 and its 200-day simple moving average is $8.13.

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

A hedge fund recently raised its stake in Wipro stock. Wells Fargo & Company MN boosted its holdings in shares of Wipro Limited (NYSE:WIT) by 26.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 188,787 shares of the information technology services provider’s stock after acquiring an additional 38,988 shares during the quarter. Wells Fargo & Company MN’s holdings in Wipro were worth $1,475,000 at the end of the most recent quarter. 2.28% of the stock is currently owned by institutional investors and hedge funds.

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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