Wipro (NYSE:WIT) Stock Rating Upgraded by Zacks Investment Research

Wipro (NYSE:WIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

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. “

Several other equities research analysts also recently weighed in on WIT. ValuEngine downgraded Wipro from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. Wedbush reissued an “underperform” rating on shares of Wipro in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Wipro has an average rating of “Sell” and an average price target of $4.76.

Shares of WIT stock traded down $0.03 during trading hours on Thursday, reaching $3.75. 36,935 shares of the stock were exchanged, compared to its average volume of 1,104,594. The business’s fifty day moving average is $4.08 and its two-hundred day moving average is $4.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.71 and a quick ratio of 2.69. Wipro has a 12-month low of $3.62 and a 12-month high of $4.63. The firm has a market capitalization of $22.57 billion, a P/E ratio of 17.05, a P/E/G ratio of 1.44 and a beta of 0.48.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.06. The firm had revenue of $139.80 million during the quarter, compared to the consensus estimate of $147.23 billion. Wipro had a return on equity of 16.57% and a net margin of 15.65%. Wipro’s revenue for the quarter was down 5.0% compared to the same quarter last year. As a group, equities research analysts predict that Wipro will post 0.24 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its position in Wipro by 38.7% in the first quarter. First Trust Advisors LP now owns 8,743,912 shares of the information technology services provider’s stock worth $34,801,000 after acquiring an additional 2,437,740 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Wipro by 340.1% in the second quarter. Renaissance Technologies LLC now owns 2,361,267 shares of the information technology services provider’s stock valued at $10,224,000 after buying an additional 1,824,700 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Wipro by 128.3% in the second quarter. Schroder Investment Management Group now owns 3,152,170 shares of the information technology services provider’s stock valued at $13,649,000 after buying an additional 1,771,181 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Wipro by 43.1% in the first quarter. Parametric Portfolio Associates LLC now owns 4,590,697 shares of the information technology services provider’s stock valued at $18,271,000 after buying an additional 1,382,067 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Wipro by 209.2% in the second quarter. Acadian Asset Management LLC now owns 1,210,058 shares of the information technology services provider’s stock valued at $5,239,000 after buying an additional 818,719 shares in the last quarter. 2.17% of the stock is owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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