Zacks: Brokerages Anticipate Wipro Limited (NYSE:WIT) Will Announce Quarterly Sales of $2.15 Billion

Wall Street analysts expect Wipro Limited (NYSE:WIT) to announce $2.15 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Wipro’s earnings. Wipro posted sales of $2.01 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 7%. The firm is expected to issue its next earnings results on Wednesday, October 23rd.

On average, analysts expect that Wipro will report full-year sales of $8.75 billion for the current financial year, with estimates ranging from $8.59 billion to $8.91 billion. For the next year, analysts forecast that the business will report sales of $9.03 billion, with estimates ranging from $8.96 billion to $9.09 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Wipro.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. Wipro had a net margin of 15.65% and a return on equity of 16.57%. The business had revenue of $139.80 million for the quarter, compared to analyst estimates of $147.23 billion. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year.

WIT has been the subject of several recent analyst reports. ValuEngine downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Wedbush reaffirmed an “underperform” rating on shares of Wipro in a research note on Wednesday, July 17th. Nomura downgraded shares of Wipro from a “neutral” rating to a “reduce” rating in a research note on Thursday, April 18th. Macquarie downgraded shares of Wipro from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 16th. Finally, Zacks Investment Research raised shares of Wipro from a “sell” rating to a “hold” rating in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has an average rating of “Sell” and an average price target of $4.76.

Several hedge funds have recently modified their holdings of the company. Lindbrook Capital LLC increased its position in shares of Wipro by 50.1% during the first quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock worth $28,000 after acquiring an additional 2,358 shares in the last quarter. Wetherby Asset Management Inc. increased its position in shares of Wipro by 1.4% during the second quarter. Wetherby Asset Management Inc. now owns 181,983 shares of the information technology services provider’s stock worth $788,000 after acquiring an additional 2,569 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Wipro by 22.7% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,694 shares of the information technology services provider’s stock worth $81,000 after acquiring an additional 3,455 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Wipro by 33.3% during the first quarter. Janney Montgomery Scott LLC now owns 14,696 shares of the information technology services provider’s stock worth $58,000 after acquiring an additional 3,671 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Wipro by 6.9% during the second quarter. Crossmark Global Holdings Inc. now owns 63,571 shares of the information technology services provider’s stock worth $275,000 after acquiring an additional 4,120 shares in the last quarter. 2.22% of the stock is owned by institutional investors.

NYSE WIT traded up $0.01 during trading hours on Wednesday, hitting $3.98. The company’s stock had a trading volume of 753,269 shares, compared to its average volume of 1,448,887. The stock has a fifty day moving average of $4.17. Wipro has a twelve month low of $3.62 and a twelve month high of $4.63. The firm has a market cap of $24.13 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 1.54 and a beta of 0.48. The company has a quick ratio of 2.69, a current ratio of 2.71 and a debt-to-equity ratio of 0.04.

About Wipro

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.

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Earnings History and Estimates for Wipro (NYSE:WIT)

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