Wipro (WIT) Lowered to Sell at Zacks Investment Research
Wipro (NYSE:WIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday.
According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “
Separately, Goldman Sachs Group lowered Wipro from a “neutral” rating to a “sell” rating in a report on Sunday, September 17th. Four research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $141.50.
Wipro (NYSE WIT) traded down $0.04 during trading hours on Friday, reaching $5.68. The company had a trading volume of 654,652 shares, compared to its average volume of 1,097,981. The firm has a market capitalization of $27,809.49, a price-to-earnings ratio of 20.65, a P/E/G ratio of 2.70 and a beta of 0.74. Wipro has a 1 year low of $4.50 and a 1 year high of $6.40. The company has a current ratio of 2.53, a quick ratio of 2.52 and a debt-to-equity ratio of 0.06.
Wipro (NYSE:WIT) last released its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.17 billion. Wipro had a return on equity of 16.14% and a net margin of 15.77%. equities analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new position in Wipro during the third quarter worth about $280,000. AMP Capital Investors Ltd grew its holdings in Wipro by 91.0% during the third quarter. AMP Capital Investors Ltd now owns 462,100 shares of the information technology services provider’s stock worth $2,624,000 after acquiring an additional 220,100 shares during the period. Bluestein R H & Co. grew its holdings in Wipro by 50.0% during the third quarter. Bluestein R H & Co. now owns 60,000 shares of the information technology services provider’s stock worth $341,000 after acquiring an additional 20,000 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD. acquired a new position in Wipro during the third quarter worth about $220,000. Finally, OxFORD Asset Management LLP acquired a new position in Wipro during the third quarter worth about $854,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.
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Wipro Company Profile
Wipro Limited (Wipro) is a global information technology (IT) services provider. It 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 digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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