Wipro (NYSE:WIT) Cut to Underperform at CLSA

CLSA downgraded shares of Wipro (NYSE:WIT) from a hold rating to an underperform rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports.

A number of other research analysts also recently commented on WIT. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $2.20 to $1.70 in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Trading Down 1.6%

WIT opened at $1.88 on Wednesday. Wipro has a 12-month low of $1.75 and a 12-month high of $3.09. The business’s fifty day simple moving average is $2.00 and its 200-day simple moving average is $2.12. The company has a market capitalization of $18.60 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 4.36 and a beta of 0.98.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. Wipro had a return on equity of 15.40% and a net margin of 13.93%.The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.60 billion. On average, equities research analysts predict that Wipro will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP grew its stake in shares of Wipro by 20.9% during the first quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock worth $39,341,000 after acquiring an additional 3,206,153 shares during the last quarter. UBS Group AG raised its position in shares of Wipro by 4.7% in the 4th quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock valued at $38,779,000 after purchasing an additional 609,565 shares during the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new position in shares of Wipro in the 4th quarter valued at approximately $5,075,000. Prudential PLC acquired a new stake in Wipro in the 4th quarter worth approximately $1,110,000. Finally, Quadrant Capital Group LLC grew its position in Wipro by 46.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,136,767 shares of the information technology services provider’s stock worth $6,068,000 after purchasing an additional 682,194 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.