Wipro (NYSE:WIT – Get Free Report) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Saturday.
Separately, The Goldman Sachs Group began coverage on Wipro in a report on Tuesday, August 22nd. They issued a “sell” rating and a $4.70 price objective on the stock.
Wipro Price Performance
NYSE:WIT opened at $4.88 on Friday. Wipro has a 52 week low of $4.32 and a 52 week high of $5.31. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $25.45 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 2.11 and a beta of 0.83. The stock’s 50-day moving average price is $4.73 and its 200-day moving average price is $4.83.
Wipro (NYSE:WIT – Get Free Report) last posted its earnings results on Wednesday, October 18th. The information technology services provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). Wipro had a net margin of 12.69% and a return on equity of 16.02%. The business had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the business earned $0.06 earnings per share. As a group, equities analysts expect that Wipro will post 0.25 EPS for the current fiscal year.
Institutional Trading of Wipro
Several institutional investors have recently made changes to their positions in WIT. BlackRock Inc. raised its position in shares of Wipro by 23.1% during the 2nd quarter. BlackRock Inc. now owns 29,106,981 shares of the information technology services provider’s stock valued at $137,385,000 after buying an additional 5,454,757 shares during the period. Acadian Asset Management LLC raised its position in shares of Wipro by 265.2% during the 1st quarter. Acadian Asset Management LLC now owns 4,613,501 shares of the information technology services provider’s stock valued at $20,704,000 after buying an additional 3,350,283 shares during the period. Morgan Stanley raised its position in shares of Wipro by 23.5% during the 4th quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider’s stock valued at $64,108,000 after buying an additional 2,621,127 shares during the period. Canada Pension Plan Investment Board raised its position in Wipro by 853.7% in the second quarter. Canada Pension Plan Investment Board now owns 2,526,285 shares of the information technology services provider’s stock valued at $11,924,000 after purchasing an additional 2,261,385 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Wipro by 19.1% in the second quarter. Goldman Sachs Group Inc. now owns 12,301,682 shares of the information technology services provider’s stock valued at $58,064,000 after purchasing an additional 1,977,079 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.
Wipro Company Profile
Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.