Wipro (NYSE:WIT) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a report released on Monday.

Separately, Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

NYSE:WIT opened at $6.70 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. Wipro has a fifty-two week low of $4.67 and a fifty-two week high of $7.04. The company has a 50 day simple moving average of $6.55 and a two-hundred day simple moving average of $6.13. The company has a market capitalization of $34.98 billion, a PE ratio of 24.80, a P/E/G ratio of 4.54 and a beta of 0.89.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $2.66 billion during 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%. Research analysts anticipate that Wipro will post 0.27 earnings per share for the current year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its stake in Wipro by 6.9% in the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock valued at $158,000 after acquiring an additional 1,665 shares during the period. Dynamic Advisor Solutions LLC grew its position in Wipro by 13.6% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after purchasing an additional 1,692 shares during the period. Glenmede Trust Co. NA increased its stake in Wipro by 4.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after buying an additional 2,104 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Wipro by 11.8% in the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after buying an additional 2,178 shares in the last quarter. 2.36% of the stock is owned by 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.