Wipro (NYSE:WIT) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note released on Friday.

Several other research firms also recently weighed in on WIT. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Jefferies Financial Group downgraded shares of Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold”.

Wipro Trading Down 0.9 %

WIT stock opened at $2.71 on Friday. The firm has a fifty day moving average price of $3.14 and a 200 day moving average price of $4.52. Wipro has a fifty-two week low of $2.55 and a fifty-two week high of $3.79. The firm has a market cap of $28.29 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83.

Wipro (NYSE:WIT) last posted its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Sell-side analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Large investors have recently made changes to their positions in the stock. Ridgewood Investments LLC boosted its position in Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 3,557 shares during the period. Bell Investment Advisors Inc boosted its holdings in shares of Wipro by 100.0% in the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 3,631 shares during the period. Sierra Ocean LLC bought a new position in Wipro in the fourth quarter worth approximately $29,000. Farther Finance Advisors LLC increased its holdings in Wipro by 148.3% during the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 4,851 shares during the period. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Wipro during the 4th quarter valued at $35,000. 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.