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

Wipro (NYSE:WIT) announced its quarterly earnings results on Friday. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07, Zacks reports. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 15.60% and a net margin of 12.29%. During the same quarter in the previous year, the business earned $0.06 EPS.

Wipro Stock Performance

WIT traded down $0.18 during mid-day trading on Monday, reaching $5.91. 368,652 shares of the company traded hands, compared to its average volume of 2,840,190. The company has a quick ratio of 2.57, a current ratio of 2.58 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $30.85 billion, a P/E ratio of 24.36, a P/E/G ratio of 4.19 and a beta of 0.90. Wipro has a 52-week low of $4.48 and a 52-week high of $7.01. The company’s fifty day moving average price is $5.82 and its 200-day moving average price is $5.79.

Analysts Set New Price Targets

WIT has been the topic of a number of analyst reports. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Nomura Securities raised Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Nomura started coverage on Wipro in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wipro presently has a consensus rating of “Hold” and a consensus target price of $5.30.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.