Wipro Limited (NYSE:WIT) Given Average Rating of “Reduce” by Analysts

Wipro Limited (NYSE:WIT) has been given a consensus recommendation of “Reduce” by the five brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company.

WIT has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Wipro from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a report on Friday, June 20th.

Wipro Price Performance

Shares of WIT opened at $2.68 on Wednesday. The company has a market capitalization of $28.03 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 9.69 and a beta of 0.93. Wipro has a one year low of $2.62 and a one year high of $3.79. The company’s fifty day moving average price is $2.93 and its 200 day moving average price is $3.07.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. Analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently bought and sold shares of WIT. Sei Investments Co. grew its position in Wipro by 324.6% in the 4th quarter. Sei Investments Co. now owns 110,336 shares of the information technology services provider’s stock worth $391,000 after purchasing an additional 84,352 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Wipro in the 4th quarter worth $37,000. LPL Financial LLC grew its position in Wipro by 164.9% in the 4th quarter. LPL Financial LLC now owns 153,797 shares of the information technology services provider’s stock worth $544,000 after purchasing an additional 95,742 shares during the last quarter. Vanguard Group Inc. grew its position in Wipro by 92.0% in the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock worth $82,692,000 after purchasing an additional 11,196,013 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Wipro by 41.5% in the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider’s stock worth $30,956,000 after purchasing an additional 2,566,388 shares during the last quarter. 2.36% of the stock is currently 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.