Wipro (NYSE:WIT) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a sell rating to a hold rating in a research report sent to investors 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. “

Other equities analysts have also recently issued research reports about the company. Nomura cut Wipro from a neutral rating to a reduce rating in a research report on Thursday, April 18th. ValuEngine cut Wipro from a hold rating to a sell rating in a report on Friday, August 2nd. Wedbush restated an underperform rating on shares of Wipro in a report on Wednesday, July 17th. Finally, Macquarie cut Wipro from an outperform rating to a neutral rating in a report on Tuesday, April 16th. Four equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Wipro has a consensus rating of Sell and a consensus price target of $4.76.

NYSE WIT traded down $0.05 on Thursday, hitting $3.97. 916,186 shares of the company’s stock were exchanged, compared to its average volume of 1,453,690. The company has a current ratio of 2.71, a quick ratio of 2.69 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $4.20. Wipro has a fifty-two week low of $3.62 and a fifty-two week high of $4.63. The stock has a market cap of $23.71 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 1.52 and a beta of 0.48.

Wipro (NYSE:WIT) last released its earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. Wipro had a return on equity of 16.57% and a net margin of 15.65%. The company had revenue of $139.80 million for the quarter, compared to analysts’ expectations of $147.23 billion. The business’s revenue was down 5.0% compared to the same quarter last year. As a group, equities analysts expect that Wipro will post 0.24 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its holdings in shares of Wipro by 50.1% in the 1st quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock worth $28,000 after acquiring an additional 2,358 shares during the period. Ballentine Partners LLC purchased a new stake in Wipro in the 2nd quarter valued at approximately $50,000. Stevens Capital Management LP purchased a new stake in Wipro in the 1st quarter valued at approximately $56,000. Janney Montgomery Scott LLC lifted its stake in Wipro by 33.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,696 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 3,671 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Wipro in the 1st quarter valued at approximately $60,000. Institutional investors and hedge funds own 2.22% of the company’s stock.

Wipro Company Profile

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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