Wipro (NYSE:WIT) Rating Lowered to Sell at Investec

Wipro (NYSE:WIT) was downgraded by investment analysts at Investec from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Marketbeat Ratings reports.

WIT has been the topic of several other reports. Nomura Securities raised Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. StockNews.com raised 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 issued a “buy” rating for the company. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Wipro has an average rating of “Hold” and an average price target of $5.60.

Wipro Price Performance

WIT stock opened at $6.44 on Thursday. The company has a market capitalization of $33.59 billion, a P/E ratio of 25.74, a PEG ratio of 4.43 and a beta of 0.90. Wipro has a twelve month low of $4.48 and a twelve month high of $7.01. The business has a 50 day simple moving average of $6.24 and a 200-day simple moving average of $5.90. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last released its 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. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter last year, the company earned $0.06 earnings per share. As a group, equities analysts anticipate that Wipro will post 0.27 EPS for the current year.

Institutional Trading of Wipro

A number of institutional investors have recently modified their holdings of WIT. GAMMA Investing LLC raised its holdings in Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Wipro in the 1st quarter valued at $60,000. Mayflower Financial Advisors LLC bought a new position in shares of Wipro in the 2nd quarter valued at $64,000. Abacus Wealth Partners LLC bought a new position in shares of Wipro in the 3rd quarter valued at $71,000. Finally, Atomi Financial Group Inc. raised its position in Wipro by 29.4% during the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after purchasing an additional 3,023 shares during the last quarter. 2.36% of the stock is currently 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.