Wipro (NYSE:WIT) Lowered to Hold Rating by StockNews.com

Wipro (NYSE:WIT) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

A number of other brokerages also recently issued reports on WIT. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Finally, Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Up 1.7 %

Wipro stock opened at $3.52 on Tuesday. The firm has a 50 day simple moving average of $5.51 and a 200 day simple moving average of $6.03. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 1-year low of $2.55 and a 1-year high of $3.75. The firm has a market capitalization of $36.79 billion, a price-to-earnings ratio of 26.07, a P/E/G ratio of 4.92 and a beta of 0.91.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. On average, analysts predict that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC purchased a new stake in Wipro during the second quarter valued at about $531,000. Segall Bryant & Hamill LLC bought a new position in shares of Wipro during the 3rd quarter valued at about $610,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Wipro during the 3rd quarter valued at about $860,000. AQR Capital Management LLC lifted its position in Wipro by 12.9% in the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock worth $4,223,000 after buying an additional 79,431 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Wipro by 207.4% in the third quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider’s stock worth $1,116,000 after buying an additional 123,478 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Company Profile

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.