Wipro (NYSE:WIT) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note released on Tuesday.

Separately, Investec lowered Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wipro currently has an average rating of “Hold” and an average target price of $5.60.

Wipro Price Performance

Shares of Wipro stock opened at $7.03 on Tuesday. The firm has a market cap of $36.73 billion, a PE ratio of 26.04, a P/E/G ratio of 4.80 and a beta of 0.89. The business has a 50-day moving average price of $6.63 and a 200 day moving average price of $6.20. 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 has a twelve month low of $4.68 and a twelve month high of $7.12.

Shares of Wipro are set to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be issued to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last announced 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. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Sell-side analysts predict that Wipro will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after acquiring an additional 2,426 shares in the last quarter. Mayflower Financial Advisors LLC acquired a new position in Wipro during the 2nd quarter worth $64,000. Abacus Wealth Partners LLC purchased a new stake in Wipro during the 3rd quarter worth about $71,000. Werba Rubin Papier Wealth Management acquired a new stake in Wipro in the 3rd quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in shares of Wipro in the 3rd quarter valued at about $81,000. 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.