Wipro (NYSE:WIT) Stock Rating Lowered by StockNews.com

Wipro (NYSE:WIT - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Friday.

Other research analysts have also issued research reports about the company. UBS Group upgraded Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wipro presently has a consensus rating of "Hold".

Wipro Stock Performance

WIT traded up $0.07 during trading on Friday, reaching $2.84. 6,775,291 shares of the company were exchanged, compared to its average volume of 5,053,091. Wipro has a 52 week low of $2.55 and a 52 week high of $3.79. The stock has a market cap of $29.70 billion, a P/E ratio of 19.59, a PEG ratio of 3.08 and a beta of 0.96. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average of $3.11 and a 200 day moving average of $4.46.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, sell-side analysts forecast that Wipro will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several large investors have recently made changes to their positions in WIT. Public Employees Retirement System of Ohio acquired a new position in shares of Wipro in the 3rd quarter worth $696,000. Franklin Resources Inc. grew its position in Wipro by 9.1% during the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider's stock worth $233,000 after purchasing an additional 2,951 shares in the last quarter. DGS Capital Management LLC raised its stake in Wipro by 4.5% during the 3rd quarter. DGS Capital Management LLC now owns 195,441 shares of the information technology services provider's stock valued at $1,266,000 after purchasing an additional 8,360 shares during the period. GAMMA Investing LLC boosted its position in shares of Wipro by 161.3% in the fourth quarter. GAMMA Investing LLC now owns 23,099 shares of the information technology services provider's stock worth $82,000 after buying an additional 14,258 shares during the period. Finally, Diversified Trust Co lifted its stake in Wipro by 361.4% in the 4th quarter. Diversified Trust Co now owns 89,056 shares of the information technology services provider's stock worth $315,000 after acquiring an additional 69,755 shares in the last quarter. Institutional investors own 2.36% of the company's stock.

About Wipro

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.