Wipro (NYSE:WIT) Cut to “Sell” at Investec

Investec downgraded shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a report released on Thursday morning, Marketbeat reports.

WIT has been the topic of a number of other reports. Nomura Securities upgraded Wipro to a strong-buy rating in a research report on Tuesday, July 2nd. StockNews.com upgraded Wipro from a hold rating to a buy rating in a research report on Friday, September 27th. Finally, Nomura started coverage on Wipro in a research note on Tuesday, July 2nd. They set a buy rating on the stock. Three research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $5.60.

Wipro Price Performance

NYSE:WIT opened at $6.44 on Thursday. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $33.61 billion, a P/E ratio of 25.76, a P/E/G ratio of 4.43 and a beta of 0.90. Wipro has a 12 month low of $4.48 and a 12 month high of $7.01. The business’s 50-day moving average is $6.24 and its 200 day moving average is $5.90.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 15.01% and a net margin of 12.57%. During the same period in the previous year, the business earned $0.06 earnings per share. On average, equities research analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. increased its stake in Wipro by 6.9% during the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock worth $158,000 after acquiring an additional 1,665 shares during the last quarter. Dynamic Advisor Solutions LLC grew its stake in shares of Wipro by 13.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after buying an additional 1,692 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its stake in shares of Wipro by 2.7% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 78,573 shares of the information technology services provider’s stock valued at $452,000 after buying an additional 2,101 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares during the last quarter. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

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.