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

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

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

Wipro Trading Down 0.6 %

NYSE WIT opened at $3.48 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a market capitalization of $36.37 billion, a P/E ratio of 25.78, a PEG ratio of 4.92 and a beta of 0.91. The firm’s 50-day moving average is $5.64 and its two-hundred day moving average is $6.06. Wipro has a 12 month low of $2.55 and a 12 month high of $3.75.

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

Institutional Trading of Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in shares of Wipro by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after purchasing an additional 2,104 shares during the period. Victory Capital Management Inc. acquired a new position in Wipro during the second quarter worth about $923,000. Caprock Group LLC increased its holdings in Wipro by 52.0% in the second quarter. Caprock Group LLC now owns 150,729 shares of the information technology services provider’s stock valued at $919,000 after buying an additional 51,588 shares in the last quarter. Choreo LLC acquired a new stake in shares of Wipro during the 2nd quarter valued at approximately $91,000. Finally, American Century Companies Inc. boosted its stake in shares of Wipro by 5.4% during the 2nd quarter. American Century Companies Inc. now owns 738,680 shares of the information technology services provider’s stock worth $4,506,000 after acquiring an additional 38,100 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.