Wipro (NYSE:WIT) Downgraded to “Hold” Rating by StockNews.com

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

A number of other equities analysts have also recently commented on WIT. Jefferies Financial Group cut Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold”.

Wipro Trading Down 0.9 %

Wipro stock opened at $2.71 on Friday. Wipro has a 52-week low of $2.55 and a 52-week high of $3.79. The company has a market cap of $28.29 billion, a P/E ratio of 18.66, a P/E/G ratio of 3.08 and a beta of 0.96. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $3.14 and a two-hundred day simple moving average of $4.52.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $225.66 billion. Wipro had a net margin of 13.96% and a return on equity of 15.46%. Analysts predict that Wipro will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Optas LLC lifted its position in shares of Wipro by 19.7% in the first quarter. Optas LLC now owns 41,314 shares of the information technology services provider’s stock valued at $126,000 after acquiring an additional 6,801 shares in the last quarter. CogentBlue Wealth Advisors LLC purchased a new position in Wipro in the 1st quarter worth approximately $37,000. Dynamic Advisor Solutions LLC purchased a new stake in Wipro during the 1st quarter valued at approximately $90,000. Foster Group Inc. raised its position in shares of Wipro by 59.1% during the first quarter. Foster Group Inc. now owns 92,849 shares of the information technology services provider’s stock valued at $284,000 after buying an additional 34,495 shares during the last quarter. Finally, Summit Global Investments purchased a new position in shares of Wipro in the first quarter worth $948,000. 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.