Wipro Limited (WIT) Cut to “Hold” at TheStreet
Other research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Wipro Limited from a sell rating to a hold rating in a research report on Tuesday, May 31st. HSBC lowered shares of Wipro Limited from a hold rating to a reduce rating in a research report on Tuesday, August 9th. Finally, Wedbush initiated coverage on shares of Wipro Limited in a research report on Thursday, September 8th. They set an underperform rating and a $8.50 target price on the stock. Four analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $11.17.
Shares of Wipro Limited (NYSE:WIT) opened at 9.82 on Friday. The stock has a market cap of $24.12 billion, a price-to-earnings ratio of 18.53 and a beta of 1.19. Wipro Limited has a 52-week low of $9.69 and a 52-week high of $13.08. The stock’s 50 day moving average is $10.59 and its 200 day moving average is $11.72.
Wipro Limited (NYSE:WIT) last posted its quarterly earnings results on Tuesday, July 19th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.02 billion. On average, equities analysts expect that Wipro Limited will post $0.55 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the company. Fisher Asset Management LLC raised its stake in shares of Wipro Limited by 48.4% in the second quarter. Fisher Asset Management LLC now owns 1,854,321 shares of the company’s stock worth $23,012,000 after buying an additional 604,706 shares during the period. State Street Corp raised its stake in shares of Wipro Limited by 6.8% in the first quarter. State Street Corp now owns 2,252,451 shares of the company’s stock worth $28,332,000 after buying an additional 144,090 shares during the period. Mizuho Trust & Banking Co. Ltd. raised its stake in shares of Wipro Limited by 21.7% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 8,696 shares of the company’s stock worth $107,000 after buying an additional 1,552 shares during the period. Legal & General Group Plc raised its stake in shares of Wipro Limited by 2.3% in the first quarter. Legal & General Group Plc now owns 137,817 shares of the company’s stock worth $1,733,000 after buying an additional 3,100 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Wipro Limited by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 187,392 shares of the company’s stock worth $2,357,000 after buying an additional 10,223 shares during the period.
About Wipro Limited
Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, business process services, research and development and hardware and software design to the enterprises worldwide.
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