Wipro (NYSE:WIT) Cut to “Hold” at StockNews.com

StockNews.com lowered 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 Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Wipro currently has an average rating of “Hold” and an average price target of $5.60.

Wipro Trading Up 1.0 %

Wipro stock opened at $6.88 on Monday. Wipro has a 12-month low of $4.67 and a 12-month high of $7.04. The stock has a market capitalization of $35.95 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 4.53 and a beta of 0.89. The firm has a 50 day simple moving average of $6.57 and a 200-day simple moving average of $6.14. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69.

Wipro (NYSE:WIT) last released its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. As a group, equities research analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after buying an additional 2,426 shares during the last quarter. Mayflower Financial Advisors LLC acquired a new position in Wipro during the 2nd quarter worth $64,000. Abacus Wealth Partners LLC acquired a new position in Wipro during the 3rd quarter worth $71,000. Werba Rubin Papier Wealth Management acquired a new stake in shares of Wipro in the third quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC bought a new position in shares of Wipro in the third quarter worth about $81,000. 2.36% of the stock is currently owned by institutional investors.

About Wipro

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.