Wipro (NYSE:WIT) Posts Quarterly Earnings Results, Hits Estimates

Wipro (NYSE:WIT) announced its quarterly earnings results on Thursday. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.03, Zacks reports. Wipro had a net margin of 14.25% and a return on equity of 14.97%.

Wipro Stock Performance

Wipro stock opened at $1.84 on Thursday. The stock has a market capitalization of $19.33 billion, a P/E ratio of 13.18, a P/E/G ratio of 3.96 and a beta of 0.97. The company’s fifty day moving average price is $2.08 and its 200 day moving average price is $2.28. Wipro has a 1 year low of $1.80 and a 1 year high of $3.12.

Institutional Trading of Wipro

Several institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Wipro by 19.8% during the 1st quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock worth $369,000 after purchasing an additional 19,901 shares during the last quarter. NewEdge Advisors LLC increased its stake in Wipro by 87.0% during the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock worth $828,000 after buying an additional 125,967 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Wipro by 22.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after buying an additional 1,864,943 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Wipro by 184.9% during the first quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock valued at $687,000 after acquiring an additional 145,658 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Wipro by 14.3% during the second quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock valued at $323,000 after acquiring an additional 13,363 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WIT. Weiss Ratings downgraded shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and cut their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Wipro currently has an average rating of “Strong Sell” and an average target price of $1.70.

About Wipro

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.