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

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

Several other brokerages also recently weighed in on WIT. Nomura began coverage on Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Nomura Securities raised Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.30.

Wipro Stock Performance

Shares of WIT stock traded up $0.18 during trading hours on Friday, hitting $6.20. The stock had a trading volume of 2,972,403 shares, compared to its average volume of 2,845,118. The firm has a market capitalization of $32.36 billion, a PE ratio of 24.80, a PEG ratio of 4.00 and a beta of 0.90. Wipro has a twelve month low of $4.48 and a twelve month high of $7.01. The stock’s 50 day moving average is $5.88 and its 200 day moving average is $5.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.58 and a quick ratio of 2.57.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 15.39% and a net margin of 12.57%. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the company earned $0.06 earnings per share. As a group, research analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Wipro in the first quarter valued at $60,000. Intelligence Driven Advisers LLC purchased a new position in shares of Wipro in the fourth quarter valued at $61,000. Essex Savings Bank purchased a new position in shares of Wipro in the fourth quarter valued at $67,000. Finally, Prime Capital Investment Advisors LLC purchased a new position in shares of Wipro in the fourth quarter valued at $72,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.