Zacks Investment Research Lowers Wipro (WIT) to Hold

Zacks Investment Research downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

Several other research firms have also commented on WIT. BNP Paribas lowered shares of Wipro from a hold rating to a reduce rating in a report on Thursday, September 14th. BidaskClub lowered shares of Wipro from a strong-buy rating to a buy rating in a report on Thursday, August 24th. Finally, Goldman Sachs Group lowered shares of Wipro from a neutral rating to a sell rating in a report on Sunday, September 17th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $141.50.

Wipro (NYSE WIT) opened at $5.50 on Wednesday. The firm has a market cap of $27,080.23, a PE ratio of 20.00, a PEG ratio of 2.79 and a beta of 0.74. Wipro has a 1-year low of $4.50 and a 1-year high of $6.40. The company has a current ratio of 2.53, a quick ratio of 2.52 and a debt-to-equity ratio of 0.06.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Wipro had a net margin of 15.77% and a return on equity of 16.14%. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.17 billion. research analysts anticipate that Wipro will post 0.25 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Conning Inc. purchased a new position in Wipro in the second quarter valued at approximately $104,000. Legal & General Group Plc raised its stake in shares of Wipro by 100.0% during the second quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock valued at $118,000 after purchasing an additional 11,360 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Wipro during the second quarter valued at approximately $132,000. Nationwide Fund Advisors raised its stake in shares of Wipro by 100.0% during the second quarter. Nationwide Fund Advisors now owns 26,596 shares of the information technology services provider’s stock valued at $138,000 after purchasing an additional 13,298 shares during the period. Finally, Brandes Investment Partners LP raised its stake in shares of Wipro by 100.0% during the second quarter. Brandes Investment Partners LP now owns 27,004 shares of the information technology services provider’s stock valued at $140,000 after purchasing an additional 13,502 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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Wipro Company Profile

Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.

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