Wipro (NYSE:WIT) Cut to Hold at StockNews.com

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

A number of other equities research analysts have also weighed in on the company. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wipro has an average rating of “Hold” and an average price target of $5.60.

Wipro Trading Up 1.7 %

WIT stock opened at $3.52 on Tuesday. Wipro has a 12 month low of $2.55 and a 12 month high of $3.75. The firm’s 50-day moving average is $5.45 and its 200 day moving average is $6.01. The company has a market capitalization of $36.79 billion, a PE ratio of 26.07, a P/E/G ratio of 4.92 and a beta of 0.91. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, research analysts anticipate that Wipro will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

A number of institutional investors have recently added to or reduced their stakes in the stock. Fulton Bank N.A. acquired a new position in shares of Wipro during the fourth quarter worth $44,000. GAMMA Investing LLC increased its position in Wipro by 37.8% during the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after buying an additional 2,426 shares in the last quarter. Abacus Wealth Partners LLC purchased a new stake in Wipro in the third quarter valued at about $71,000. Werba Rubin Papier Wealth Management purchased a new stake in Wipro in the third quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC acquired a new stake in Wipro in the third quarter worth about $81,000. Institutional investors 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.