Wipro (NYSE:WIT) Cut to Hold at StockNews.com

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

Several other brokerages also recently commented on WIT. Jefferies Financial Group downgraded Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wipro has an average rating of “Hold”.

Wipro Stock Performance

Shares of WIT stock opened at $2.71 on Friday. The business’s 50-day moving average price is $3.14 and its 200-day moving average price is $4.49. Wipro has a 12 month low of $2.55 and a 12 month high of $3.79. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $28.29 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT) last posted its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $2.62 billion for 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%. Equities research analysts forecast that Wipro will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. lifted its stake in shares of Wipro by 9.1% in the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 2,951 shares during the period. Ridgewood Investments LLC lifted its stake in Wipro by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 3,557 shares during the period. Bell Investment Advisors Inc boosted its holdings in shares of Wipro by 100.0% during the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock worth $26,000 after buying an additional 3,631 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Wipro by 148.3% during the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock worth $29,000 after buying an additional 4,851 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Wipro by 10.1% in the 4th quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider’s stock valued at $244,000 after acquiring an additional 6,323 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

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.