Wipro Limited (WIT) Stock Rating Lowered by TheStreet
Wipro Limited (NYSE:WIT) was downgraded by equities researchers at TheStreet from a “buy” rating to a “hold” rating in a report released on Friday.
A number of other brokerages have also issued reports on WIT. Zacks Investment Research lowered Wipro Limited from a “hold” rating to a “sell” rating in a research report on Thursday, June 9th. HSBC lowered Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Tuesday, August 9th. Finally, Wedbush began coverage on Wipro Limited in a research report on Thursday, September 8th. They set an “underperform” rating and a $8.50 price target for the company. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $11.17.
Shares of Wipro Limited (NYSE:WIT) opened at 9.87 on Friday. Wipro Limited has a 1-year low of $9.69 and a 1-year high of $13.08. The company’s 50 day moving average price is $10.64 and its 200-day moving average price is $11.74. The firm has a market cap of $24.24 billion, a price-to-earnings ratio of 18.45 and a beta of 1.19.
Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Tuesday, July 19th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. The company earned $2 billion during the quarter, compared to analyst estimates of $2.02 billion. Equities analysts expect that Wipro Limited will post $0.55 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. Fisher Asset Management LLC increased its stake in Wipro Limited by 28.6% in the first quarter. Fisher Asset Management LLC now owns 1,249,615 shares of the company’s stock worth $16,158,000 after buying an additional 278,170 shares in the last quarter. Aperio Group LLC increased its stake in Wipro Limited by 11.4% in the first quarter. Aperio Group LLC now owns 1,477,422 shares of the company’s stock worth $18,586,000 after buying an additional 151,748 shares in the last quarter. BlackRock Inc. increased its stake in Wipro Limited by 53.7% in the first quarter. BlackRock Inc. now owns 255,480 shares of the company’s stock worth $3,213,000 after buying an additional 89,235 shares in the last quarter. State Street Corp increased its stake in Wipro Limited by 6.8% in the first quarter. State Street Corp now owns 2,252,451 shares of the company’s stock worth $28,332,000 after buying an additional 144,090 shares in the last quarter. Finally, UBS Group AG increased its stake in Wipro Limited by 27.6% in the first quarter. UBS Group AG now owns 60,308 shares of the company’s stock worth $758,000 after buying an additional 13,032 shares in the last quarter.
About Wipro Limited
Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, business process services, research and development and hardware and software design to the enterprises worldwide.
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