Wipro (NYSE:WIT) Announces Quarterly Earnings Results

Wipro (NYSE:WIT) issued its quarterly earnings results on Thursday. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03, Zacks reports. Wipro had a net margin of 14.25% and a return on equity of 14.97%.

Wipro Trading Up 0.3%

WIT opened at $1.84 on Thursday. Wipro has a 12-month low of $1.80 and a 12-month high of $3.12. The firm has a 50 day moving average of $2.08 and a two-hundred day moving average of $2.28. The firm has a market capitalization of $19.33 billion, a PE ratio of 13.18, a P/E/G ratio of 3.96 and a beta of 0.97.

Institutional Trading of Wipro

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley lifted its holdings in shares of Wipro by 65.0% in the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock valued at $137,829,000 after buying an additional 19,114,904 shares during the period. Defiance ETFs LLC acquired a new stake in Wipro during the fourth quarter worth about $39,525,000. UBS Group AG raised its position in Wipro by 165.0% during the third quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock valued at $34,308,000 after acquiring an additional 8,122,275 shares in the last quarter. Bank of America Corp DE raised its position in Wipro by 298.9% during the second quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after acquiring an additional 5,762,771 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Wipro by 25.9% in the third quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock valued at $56,033,000 after acquiring an additional 4,382,854 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on WIT shares. Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus price target of $1.70.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.