Wipro (NYSE:WIT) Stock Rating Lowered by StockNews.com

Wipro (NYSE:WIT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other equities research analysts also recently commented on the stock. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Finally, HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Wipro has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Up 1.7 %

Wipro stock opened at $3.52 on Tuesday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $36.79 billion, a PE ratio of 26.07, a PEG ratio of 4.92 and a beta of 0.91. The firm’s fifty day moving average is $5.51 and its 200 day moving average is $6.03. Wipro has a 12-month low of $2.55 and a 12-month high of $3.75.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. As a group, sell-side analysts predict that Wipro will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several institutional investors have recently added to or reduced their stakes in WIT. Frank Rimerman Advisors LLC purchased a new position in Wipro in the second quarter valued at about $531,000. Segall Bryant & Hamill LLC bought a new stake in shares of Wipro in the 3rd quarter worth approximately $610,000. Allspring Global Investments Holdings LLC purchased a new position in Wipro in the third quarter valued at approximately $860,000. AQR Capital Management LLC grew its holdings in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after purchasing an additional 79,431 shares during the period. Finally, Blue Trust Inc. increased its position in Wipro by 207.4% in the third quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider’s stock worth $1,116,000 after buying an additional 123,478 shares during the last quarter. Institutional investors own 2.36% of the company’s stock.

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.