StockNews.com cut shares of Wipro (NYSE:WIT – Free Report) from a buy rating to a hold rating in a research report sent to investors on Friday.
Several other equities research analysts also recently weighed in on the stock. Nomura began coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a buy rating for the company. Nomura Securities raised shares of Wipro to a strong-buy rating in a research report on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $5.30.
View Our Latest Research Report on WIT
Wipro Trading Up 3.0 %
Wipro (NYSE:WIT – Get Free Report) last posted its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the previous year, the firm posted $0.06 earnings per share. Analysts predict that Wipro will post 0.27 EPS for the current fiscal year.
Institutional Investors Weigh In On Wipro
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Wipro by 4.6% during the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after acquiring an additional 553,433 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Wipro by 65.5% during the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Wipro by 3.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock worth $12,884,000 after purchasing an additional 84,519 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Wipro by 44.0% during the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after purchasing an additional 570,001 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Wipro by 6,295.2% during the first quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after purchasing an additional 1,771,854 shares during the last quarter. 2.36% of the stock is owned by institutional investors.
About Wipro
Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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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