Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a sell rating to a hold rating in a report published 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. “
A number of other research firms have also commented on WIT. TheStreet lowered Wipro from a b- rating to a c rating in a research report on Wednesday, October 24th. Credit Suisse Group raised Wipro from a neutral rating to an outperform rating in a research report on Thursday, September 13th. Macquarie raised Wipro from a neutral rating to an outperform rating in a research report on Monday, September 10th. Finally, ValuEngine raised Wipro from a sell rating to a hold rating in a research report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Wipro currently has an average rating of Hold and an average price target of $6.00.
Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, October 24th. The information technology services provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.14 billion. Wipro had a net margin of 13.84% and a return on equity of 15.63%. Equities research analysts forecast that Wipro will post 0.27 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Wipro by 165.9% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,605 shares of the information technology services provider’s stock worth $127,000 after acquiring an additional 16,600 shares in the last quarter. Royal Bank of Canada raised its position in shares of Wipro by 7,144.0% in the 1st quarter. Royal Bank of Canada now owns 26,513 shares of the information technology services provider’s stock worth $137,000 after acquiring an additional 26,147 shares in the last quarter. Greenleaf Trust raised its position in shares of Wipro by 78.5% in the 3rd quarter. Greenleaf Trust now owns 33,808 shares of the information technology services provider’s stock worth $176,000 after acquiring an additional 14,863 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Wipro in the 3rd quarter worth approximately $186,000. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Wipro in the 3rd quarter worth approximately $213,000. 2.25% of the stock is owned by hedge funds and other institutional investors.
Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.
Further Reading: What is a closed-end mutual fund (CEF)?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Wipro Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro and related companies with MarketBeat.com's FREE daily email newsletter.