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

Wipro (NYSE:WIT) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Separately, Investec downgraded 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, one has issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Stock Up 1.7 %

Shares of WIT stock opened at $6.82 on Monday. The firm’s fifty day moving average price is $6.56 and its two-hundred day moving average price is $6.14. 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 $4.67 and a 1 year high of $7.04. The firm has a market capitalization of $35.61 billion, a P/E ratio of 25.24, a PEG ratio of 4.54 and a beta of 0.89.

Wipro (NYSE:WIT) last released its earnings results 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. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The business had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. On average, equities analysts predict that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently bought and sold shares of the business. State Street Corp raised its position in shares of Wipro by 0.8% in the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 shares during the period. Millennium Management LLC grew its stake in Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Wipro by 72.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after acquiring an additional 1,593,619 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Wipro by 116.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock worth $10,435,000 after acquiring an additional 867,516 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the period. Institutional investors and hedge funds 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.