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

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

Other analysts also recently issued research reports about the stock. Jefferies Financial Group downgraded shares of Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold”.

Wipro Price Performance

WIT stock opened at $2.71 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The business has a 50-day simple moving average of $3.14 and a two-hundred day simple moving average of $4.49. The company has a market capitalization of $28.29 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. Wipro has a 52-week low of $2.55 and a 52-week high of $3.79.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $225.66 billion. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Research analysts expect that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. Vanguard Group Inc. raised its holdings in shares of Wipro by 92.0% in the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock worth $82,692,000 after purchasing an additional 11,196,013 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Wipro by 36.4% in the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock valued at $55,925,000 after buying an additional 4,215,981 shares during the period. Schroder Investment Management Group lifted its position in shares of Wipro by 177.6% during the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider’s stock valued at $34,280,000 after buying an additional 6,195,561 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Wipro by 41.5% during the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider’s stock worth $30,956,000 after acquiring an additional 2,566,388 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Wipro by 97.9% in the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock worth $26,636,000 after acquiring an additional 3,722,115 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.