Wipro Ltd. (WIT) Upgraded to “Hold” at Zacks Investment Research
Wipro Ltd. (NYSE:WIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “
WIT has been the topic of a number of other research reports. TheStreet downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Friday, September 16th. Nomura downgraded shares of Wipro from a “neutral” rating to a “reduce” rating in a report on Monday, October 24th. Wedbush started coverage on shares of Wipro in a report on Thursday, September 8th. They set an “underperform” rating and a $8.50 price target on the stock. Finally, HSBC downgraded shares of Wipro from a “hold” rating to a “reduce” rating in a report on Tuesday, August 9th. Five analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Sell” and a consensus target price of $11.17.
Wipro (NYSE:WIT) opened at 9.58 on Wednesday. The company has a market cap of $23.15 billion, a PE ratio of 18.71 and a beta of 1.00. Wipro has a one year low of $9.09 and a one year high of $13.08. The firm has a 50-day moving average of $9.58 and a 200-day moving average of $10.80.
Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, October 21st. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $137.66 billion for the quarter, compared to the consensus estimate of $2.03 billion. Wipro had a net margin of 15.96% and a return on equity of 18.06%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.08 EPS. On average, analysts predict that Wipro will post $0.54 EPS for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mizuho Trust & Banking Co. Ltd. increased its position in Wipro by 18.8% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 10,331 shares of the company’s stock valued at $100,000 after buying an additional 1,635 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Wipro during the third quarter valued at about $100,000. United Services Automobile Association bought a new position in Wipro during the third quarter valued at about $106,000. Atria Investments LLC bought a new position in Wipro during the third quarter valued at about $113,000. Finally, MSI Financial Services Inc increased its position in Wipro by 33.8% in the third quarter. MSI Financial Services Inc now owns 13,237 shares of the company’s stock valued at $129,000 after buying an additional 3,343 shares during the last quarter. Institutional investors own 2.29% of the company’s stock.
Wipro Company Profile
Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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