Wipro (NYSE:WIT) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Wipro (NYSE:WIT - Free Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

A number of other research analysts also recently commented on the company. HSBC raised Wipro from a "reduce" rating to a "hold" rating in a report on Monday, December 9th. UBS Group raised shares of Wipro from a "sell" rating to a "neutral" rating in a report on Thursday, January 2nd. Finally, Investec cut shares of Wipro from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.60.

Wipro Stock Down 0.3 %

Shares of WIT traded down $0.01 during trading on Tuesday, reaching $3.46. The company's stock had a trading volume of 4,084,786 shares, compared to its average volume of 3,309,146. Wipro has a twelve month low of $2.55 and a twelve month high of $3.75. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The company has a market cap of $36.16 billion, a price-to-earnings ratio of 25.63, a P/E/G ratio of 4.92 and a beta of 0.91. The company has a fifty day moving average of $5.64 and a two-hundred day moving average of $6.06.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The company had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. On average, sell-side analysts predict that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Several hedge funds have recently bought and sold shares of WIT. Glenmede Trust Co. NA increased its holdings in shares of Wipro by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider's stock valued at $242,000 after purchasing an additional 1,746 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider's stock worth $90,000 after buying an additional 2,104 shares during the period. BSW Wealth Partners grew its position in Wipro by 2.8% during the 3rd quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider's stock worth $573,000 after purchasing an additional 2,418 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Wipro by 37.8% during the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider's stock valued at $57,000 after buying an additional 2,426 shares in the last quarter. Finally, Xponance Inc. raised its position in Wipro by 21.7% during the second quarter. Xponance Inc. now owns 15,866 shares of the information technology services provider's stock valued at $97,000 after buying an additional 2,832 shares during the period. 2.36% of the stock is currently owned by institutional investors.

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.