Wipro (NYSE:WIT – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.
Other equities research analysts have also recently issued reports about the company. Nomura started coverage on Wipro in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, Nomura Securities raised Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.60.
Get Our Latest Stock Report on WIT
Wipro Stock Performance
Wipro (NYSE:WIT – Get Free Report) last posted its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a return on equity of 15.30% and a net margin of 13.23%. During the same period last year, the firm earned $0.06 earnings per share. Sell-side analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position 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 purchasing an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Wipro during the first quarter valued at about $60,000. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the second quarter valued at about $64,000. Abacus Wealth Partners LLC purchased a new position in Wipro in the third quarter worth about $71,000. Finally, Werba Rubin Papier Wealth Management purchased a new position in Wipro in the third quarter worth about $71,000. Hedge funds and other 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.
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