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

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

WIT has been the subject of several other research reports. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.60.

Wipro Price Performance

NYSE WIT opened at $3.46 on Tuesday. 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 12 month low of $2.55 and a 12 month high of $3.75. The stock has a market cap of $36.16 billion, a price-to-earnings ratio of 25.63, a PEG ratio of 4.92 and a beta of 0.91. The company’s 50 day moving average is $5.58 and its two-hundred day moving average is $6.04.

Wipro (NYSE:WIT) last released its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The company had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. As a group, research analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Several hedge funds have recently modified their holdings of WIT. Millennium Management LLC increased its position in Wipro by 67.6% in 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 last quarter. Fisher Asset Management LLC increased its holdings in shares of 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 worth $24,638,000 after buying an additional 1,593,619 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Wipro during the 2nd quarter valued at about $7,994,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Wipro by 116.8% in 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 acquiring an additional 867,516 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock worth $5,009,000 after acquiring an additional 483,893 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.