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

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report released on Monday morning.

Separately, Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Up 1.0 %

Wipro stock opened at $6.88 on Monday. The stock has a 50-day moving average price of $6.57 and a 200 day moving average price of $6.14. Wipro has a 52 week low of $4.67 and a 52 week high of $7.04. The stock has a market cap of $35.95 billion, a PE ratio of 25.48, a P/E/G ratio of 4.53 and a beta of 0.89. 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 (NYSE:WIT) last released its earnings results on Thursday, October 17th. 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 13.23% and a return on equity of 14.98%. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Equities research analysts predict that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in shares of 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 worth $34,298,000 after purchasing an additional 2,267,995 shares during the period. Fisher Asset Management LLC increased its position in shares of Wipro by 72.2% in the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after acquiring an additional 1,593,619 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Wipro in the 2nd quarter valued at $7,994,000. Jane Street Group LLC lifted its holdings in shares of Wipro by 292.0% during the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after acquiring an additional 1,001,644 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Wipro by 116.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after buying an additional 867,516 shares during the period. 2.36% of the stock is currently 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.