JPMorgan Chase & Co. Downgrades Wipro (NYSE:WIT) to Underweight

Wipro (NYSE:WIT) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $1.70 price objective on the information technology services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 26.09% from the stock’s previous close.

Separately, Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Wipro has a consensus rating of “Strong Sell” and an average price target of $1.70.

Wipro Trading Up 2.7%

Shares of NYSE:WIT opened at $2.30 on Wednesday. The business has a 50 day moving average of $2.12 and a two-hundred day moving average of $2.38. Wipro has a 12-month low of $1.80 and a 12-month high of $3.13. The company has a market capitalization of $24.10 billion, a PE ratio of 16.43, a PEG ratio of 4.91 and a beta of 0.97.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. Equities research analysts predict that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several large investors have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC purchased a new position in shares of Wipro in the 4th quarter valued at about $29,000. Guggenheim Capital LLC acquired a new position in Wipro in the fourth quarter valued at $29,000. Sapient Capital LLC acquired a new position in Wipro in the fourth quarter valued at $29,000. Interchange Capital Partners LLC purchased a new position in shares of Wipro during the third quarter worth about $27,000. Finally, Curi Capital LLC acquired a new stake in shares of Wipro during the second quarter worth about $31,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.