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

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a report issued on Tuesday morning.

Separately, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.60.

Wipro Stock Up 0.4 %

WIT opened at $7.10 on Tuesday. The business has a 50 day moving average price of $6.61 and a two-hundred day moving average price of $6.19. Wipro has a 52 week low of $4.68 and a 52 week high of $7.12. The company has a market cap of $37.10 billion, a PE ratio of 26.30, a P/E/G ratio of 4.72 and a beta of 0.89. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro shares are scheduled to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. As a group, research analysts anticipate that Wipro will post 0.27 EPS for the current year.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new stake in shares of Wipro during the 3rd quarter valued at approximately $696,000. XTX Topco Ltd acquired a new position in Wipro during the third quarter worth $347,000. State Street Corp boosted its position in Wipro by 0.8% during the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after purchasing an additional 87,682 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in Wipro in the third quarter valued at $702,000. Finally, Centiva Capital LP purchased a new position in shares of Wipro in the third quarter valued at $140,000. 2.36% of the stock is owned by institutional investors and hedge funds.

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.