Wipro (NYSE:WIT) Issues Earnings Results, Hits Expectations

Wipro (NYSE:WIT) released its quarterly earnings results on Tuesday. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.07, MarketWatch Earnings reports. Wipro had a net margin of 17.83% and a return on equity of 20.35%. During the same quarter last year, the business posted $0.06 earnings per share.

Shares of WIT stock opened at $9.57 on Thursday. The firm has a market cap of $54.48 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.66 and a beta of 0.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.20 and a quick ratio of 2.20. Wipro has a 1-year low of $4.76 and a 1-year high of $9.80. The firm has a fifty day moving average of $9.11 and a two-hundred day moving average of $8.13.

A hedge fund recently raised its stake in Wipro stock. Wells Fargo & Company MN grew its stake in shares of Wipro Limited (NYSE:WIT) by 26.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,787 shares of the information technology services provider’s stock after acquiring an additional 38,988 shares during the period. Wells Fargo & Company MN’s holdings in Wipro were worth $1,475,000 at the end of the most recent quarter. 2.28% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Wipro from an “underweight” rating to a “neutral” rating in a report on Thursday, September 30th. Morgan Stanley raised shares of Wipro from an “underweight” rating to an “equal weight” rating in a report on Thursday. Finally, Zacks Investment Research raised shares of Wipro from a “sell” rating to a “hold” rating in a report on Wednesday, July 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.12.

About Wipro

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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