Wipro (NYSE:WIT) Stock Rating Lowered by Jefferies Financial Group

Wipro (NYSE:WIT) was downgraded by equities researchers at Jefferies Financial Group from a “hold” rating to an “underperform” rating in a note issued to investors on Tuesday,Finviz reports.

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

Wipro Stock Performance

WIT traded down $0.04 during trading hours on Tuesday, reaching $2.82. The company’s stock had a trading volume of 6,280,155 shares, compared to its average volume of 5,057,164. 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 company’s 50-day moving average is $3.33 and its 200-day moving average is $4.77. Wipro has a 52 week low of $2.55 and a 52 week high of $3.79. The firm has a market cap of $29.44 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT) last announced its earnings results on Friday, January 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, equities analysts forecast that Wipro will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Wipro by 92.0% in the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock valued at $82,692,000 after acquiring an additional 11,196,013 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Wipro by 177.6% in 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 purchasing an additional 6,195,561 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Wipro in the 4th quarter valued at approximately $20,008,000. BNP Paribas Financial Markets increased its holdings in shares of Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock worth $55,925,000 after buying an additional 4,215,981 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in Wipro by 97.9% in the fourth quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock valued at $26,636,000 after purchasing an additional 3,722,115 shares during the last quarter. 2.36% of the stock is owned by 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.