Wipro (NYSE:WIT) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Wipro (NYSE:WITFree Report) from a buy rating to a hold rating in a report issued on Tuesday.

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

Check Out Our Latest Stock Report on WIT

Wipro Trading Down 1.0 %

WIT opened at $7.03 on Tuesday. The business’s 50-day simple moving average is $6.63 and its 200-day simple moving average is $6.20. The company has a market cap of $36.73 billion, a P/E ratio of 26.04, a PEG ratio of 4.80 and a beta of 0.89. Wipro has a one year low of $4.68 and a one year high of $7.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

Wipro shares are scheduled to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WITGet Free Report) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates 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. As a group, equities research analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Trading of Wipro

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after acquiring an additional 2,426 shares during the last quarter. Mayflower Financial Advisors LLC acquired a new position in Wipro during the 2nd quarter worth $64,000. Abacus Wealth Partners LLC acquired a new stake in shares of Wipro during the 3rd quarter valued at approximately $71,000. Werba Rubin Papier Wealth Management bought a new position in shares of Wipro during the third quarter valued at approximately $71,000. Finally, Catalytic Wealth RIA LLC acquired a new stake in shares of Wipro in the 3rd quarter worth about $81,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

About Wipro

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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.

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Analyst Recommendations for Wipro (NYSE:WIT)

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