Zacks Investment Research lowered shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a report issued on Saturday.
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. “
Separately, Goldman Sachs Group lowered shares of Wipro from a neutral rating to a sell rating in a research report on Sunday, September 17th. Four equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. Wipro presently has a consensus rating of Hold and a consensus price target of $141.50.
Wipro (NYSE:WIT) last issued its quarterly earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, topping the 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 firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.17 billion. sell-side analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. Legal & General Group Plc increased its position in 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 worth $118,000 after purchasing an additional 11,360 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Wipro in the second quarter worth $132,000. Nationwide Fund Advisors increased its position in shares of Wipro by 100.0% in the second quarter. Nationwide Fund Advisors now owns 26,596 shares of the information technology services provider’s stock worth $138,000 after acquiring an additional 13,298 shares in the last quarter. Citigroup Inc. increased its position in shares of Wipro by 104.9% in the second quarter. Citigroup Inc. now owns 31,223 shares of the information technology services provider’s stock worth $162,000 after acquiring an additional 15,988 shares in the last quarter. Finally, QS Investors LLC increased its position in shares of Wipro by 100.0% in the second quarter. QS Investors LLC now owns 31,554 shares of the information technology services provider’s stock worth $164,000 after acquiring an additional 15,777 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.
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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