Wipro (NYSE:WIT) Downgraded by Jefferies Financial Group to Underperform

Jefferies Financial Group downgraded shares of Wipro (NYSE:WIT) from a hold rating to an underperform rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports.

Other equities research analysts also recently issued research reports about the stock. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Wipro Stock Performance

Shares of WIT stock opened at $2.84 on Tuesday. The company has a market capitalization of $29.65 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 3.08 and a beta of 0.96. Wipro has a 1-year low of $2.55 and a 1-year high of $3.79. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $3.25 and its 200-day simple moving average is $4.66.

Wipro (NYSE:WIT) last released its earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, sell-side analysts predict that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Global Investments bought a new stake in Wipro in the first quarter worth $948,000. GAMMA Investing LLC boosted its stake in shares of Wipro by 182.7% during the 1st quarter. GAMMA Investing LLC now owns 65,291 shares of the information technology services provider’s stock worth $200,000 after acquiring an additional 42,192 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Wipro by 34.3% during the 4th quarter. Wellington Management Group LLP now owns 1,769,600 shares of the information technology services provider’s stock valued at $6,264,000 after acquiring an additional 451,820 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Wipro by 163.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 283,234 shares of the information technology services provider’s stock valued at $1,003,000 after acquiring an additional 175,833 shares in the last quarter. Finally, BIP Alliance LLC bought a new position in shares of Wipro in the 4th quarter valued at approximately $170,000. Institutional investors own 2.36% of the company’s stock.

About Wipro

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.