Wipro (NYSE:WIT) Cut to “Hold” at CLSA

CLSA lowered shares of Wipro (NYSE:WIT) from an outperform rating to a hold rating in a research report released on Monday morning, MarketBeat Ratings reports.

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Wipro in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Wipro Stock Up 0.9%

Shares of NYSE:WIT opened at $2.72 on Monday. Wipro has a fifty-two week low of $2.58 and a fifty-two week high of $3.79. The firm has a 50-day simple moving average of $2.73 and a 200 day simple moving average of $2.84. The company has a market cap of $28.43 billion, a PE ratio of 18.10, a P/E/G ratio of 16.28 and a beta of 1.00.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Wipro had a net margin of 15.06% and a return on equity of 15.70%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $224.40 billion. As a group, research analysts forecast that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in shares of Wipro by 3.4% in the 2nd quarter. State Street Corp now owns 22,803,389 shares of the information technology services provider’s stock worth $68,866,000 after acquiring an additional 746,088 shares during the period. Acadian Asset Management LLC lifted its position in shares of Wipro by 4.1% in the 2nd quarter. Acadian Asset Management LLC now owns 21,841,995 shares of the information technology services provider’s stock valued at $65,948,000 after acquiring an additional 864,481 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Wipro by 22.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock valued at $31,683,000 after acquiring an additional 1,864,943 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Wipro by 17.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 9,965,693 shares of the information technology services provider’s stock valued at $30,096,000 after acquiring an additional 1,466,462 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Wipro by 298.9% in the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after buying an additional 5,762,771 shares during the period. 2.36% of the stock is owned by institutional investors and hedge funds.

About Wipro

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.