Wipro (NYSE:WIT) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report sent to investors on Monday.

Separately, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Down 0.4 %

NYSE WIT opened at $6.70 on Monday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $6.55 and a 200 day simple moving average of $6.13. Wipro has a 12 month low of $4.67 and a 12 month high of $7.04. The firm has a market capitalization of $34.98 billion, a P/E ratio of 24.80, a PEG ratio of 4.54 and a beta of 0.89.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. On average, analysts predict that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Trading of Wipro

Institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. lifted its position in shares of Wipro by 6.9% during the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock worth $158,000 after acquiring an additional 1,665 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Wipro by 13.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after buying an additional 1,692 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Wipro by 4.9% in the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after buying an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after acquiring an additional 2,104 shares during the period. Finally, CWM LLC grew its stake in Wipro by 11.8% during the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after acquiring an additional 2,178 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.