Wipro (NYSE:WIT) Downgraded by Investec to “Sell”

Wipro (NYSE:WIT) was downgraded by research analysts at Investec from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, FinViz reports.

Other equities research analysts have also issued research reports about the company. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Friday, September 27th. Nomura began coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. Finally, Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wipro currently has an average rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

Shares of WIT opened at $6.51 on Thursday. The firm has a market cap of $33.95 billion, a price-to-earnings ratio of 26.02, a price-to-earnings-growth ratio of 4.41 and a beta of 0.90. The company’s fifty day moving average is $6.22 and its 200-day moving average is $5.89. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro has a 12 month low of $4.48 and a 12 month high of $7.01.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the business posted $0.06 earnings per share. Equities analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Trading of Wipro

A number of hedge funds have recently made changes to their positions in WIT. BNP Paribas Financial Markets boosted its position in Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after buying an additional 2,437,802 shares during the period. Millennium Management LLC lifted its holdings in shares of Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after purchasing an additional 2,267,995 shares during the period. Fisher Asset Management LLC grew its stake in shares of Wipro by 3.8% in the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock worth $12,884,000 after purchasing an additional 84,519 shares during the last quarter. Wellington Management Group LLP increased its holdings in Wipro by 44.0% in the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock valued at $10,396,000 after purchasing an additional 570,001 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Wipro by 6,295.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after purchasing an additional 1,771,854 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

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.