Wipro (NYSE:WIT) Releases Quarterly Earnings Results, Hits Expectations

Wipro (NYSE:WIT) released its quarterly earnings data on Tuesday. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07, MarketWatch Earnings reports. Wipro had a return on equity of 20.35% and a net margin of 17.83%. During the same period last year, the company posted $0.06 EPS.

NYSE:WIT opened at $9.57 on Thursday. The stock’s fifty day moving average price is $9.11 and its two-hundred day moving average price is $8.13. Wipro has a 52-week low of $4.76 and a 52-week high of $9.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.20 and a current ratio of 2.20. The company has a market cap of $54.48 billion, a price-to-earnings ratio of 34.18, a P/E/G ratio of 3.66 and a beta of 0.63.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Wipro from a “sell” rating to a “hold” rating in a research note on Wednesday, July 21st. Morgan Stanley raised Wipro from an “underweight” rating to an “equal weight” rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised Wipro from an “underweight” rating to a “neutral” rating in a report on Thursday, September 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Wipro has a consensus rating of “Hold” and an average target price of $7.12.

An institutional investor recently raised its position in Wipro stock. Wells Fargo & Company MN boosted its position in shares of Wipro Limited (NYSE:WIT) by 26.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 188,787 shares of the information technology services provider’s stock after buying an additional 38,988 shares during the quarter. Wells Fargo & Company MN’s holdings in Wipro were worth $1,475,000 as of its most recent SEC filing. 2.28% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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