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

StockNews.com lowered shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note published on Tuesday morning.

Several other analysts have also recently commented on the stock. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Finally, Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wipro currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Performance

Shares of WIT stock opened at $3.52 on Tuesday. The business has a fifty day moving average of $5.45 and a 200 day moving average of $6.01. Wipro has a 1 year low of $2.55 and a 1 year high of $3.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market capitalization of $36.79 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. As a group, research analysts expect that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Fulton Bank N.A. purchased a new position in shares of Wipro in the 4th quarter valued at about $44,000. GAMMA Investing LLC grew its holdings in Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after purchasing an additional 2,426 shares during the period. Abacus Wealth Partners LLC purchased a new stake in shares of Wipro in the third quarter valued at approximately $71,000. Werba Rubin Papier Wealth Management acquired a new position in shares of Wipro during the 3rd quarter worth approximately $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in shares of Wipro during the 3rd quarter valued at approximately $81,000. Institutional investors and hedge funds 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 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.