Zacks Investment Research Reaffirms Hold Rating for Wipro (NYSE:WIT)
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. “
WIT has been the topic of a number of other reports. Goldman Sachs Group raised Wipro from a sell rating to a neutral rating and lowered their price objective for the company from $3.47 to $3.46 in a research report on Thursday, October 3rd. Wedbush reaffirmed an underperform rating on shares of Wipro in a research report on Wednesday, July 17th. ValuEngine cut Wipro from a hold rating to a sell rating in a research report on Friday, August 2nd. Finally, TheStreet cut Wipro from a b rating to a c+ rating in a research report on Tuesday, September 3rd. Four research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Wipro presently has an average rating of Hold and a consensus price target of $4.44.
Wipro (NYSE:WIT) last posted its quarterly earnings data on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.06. Wipro had a return on equity of 16.57% and a net margin of 15.65%. The firm had revenue of $139.80 million for the quarter, compared to analysts’ expectations of $147.23 billion. The firm’s revenue was down 5.0% on a year-over-year basis. As a group, equities analysts forecast that Wipro will post 0.24 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Ballentine Partners LLC purchased a new position in shares of Wipro during the 2nd quarter valued at about $50,000. Private Advisor Group LLC purchased a new position in Wipro in the 2nd quarter worth approximately $63,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Wipro by 22.7% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,694 shares of the information technology services provider’s stock worth $81,000 after purchasing an additional 3,455 shares in the last quarter. Royal Bank of Canada lifted its holdings in Wipro by 18.0% in the 2nd quarter. Royal Bank of Canada now owns 19,032 shares of the information technology services provider’s stock worth $82,000 after purchasing an additional 2,904 shares in the last quarter. Finally, Corient Capital Partners LLC lifted its holdings in Wipro by 23.5% in the 2nd quarter. Corient Capital Partners LLC now owns 22,326 shares of the information technology services provider’s stock worth $97,000 after purchasing an additional 4,246 shares in the last quarter. 2.22% of the stock is currently owned by hedge funds and other institutional investors.
Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.
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