StockNews.com Downgrades Wipro (NYSE:WIT) to Hold

Wipro (NYSE:WIT) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Other analysts also recently issued research reports about the stock. Nomura assumed coverage on shares of Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Finally, Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Down 1.2 %

WIT traded down $0.08 on Monday, hitting $6.61. The company had a trading volume of 1,720,463 shares, compared to its average volume of 2,492,535. The company has a market cap of $34.53 billion, a PE ratio of 24.48, a PEG ratio of 4.61 and a beta of 0.90. Wipro has a 12-month low of $4.48 and a 12-month high of $7.01. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. The business’s fifty day simple moving average is $6.35 and its 200 day simple moving average is $5.95.

Wipro (NYSE:WIT) last announced its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. Wipro had a return on equity of 15.30% and a net margin of 13.23%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the previous year, the business earned $0.06 earnings per share. Equities research analysts expect that Wipro will post 0.27 EPS for the current year.

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Wipro in the third quarter worth $860,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro in the third quarter worth $71,000. Blue Trust Inc. grew its holdings in Wipro by 207.4% in the third quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider’s stock worth $1,116,000 after purchasing an additional 123,478 shares during the last quarter. Creative Planning grew its holdings in Wipro by 24.6% in the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock worth $8,666,000 after purchasing an additional 263,925 shares during the last quarter. Finally, Ritholtz Wealth Management grew its holdings in shares of Wipro by 48.4% during the third quarter. Ritholtz Wealth Management now owns 113,874 shares of the information technology services provider’s stock valued at $738,000 after buying an additional 37,148 shares during the last quarter. 2.36% of the stock is 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.