Wipro (WIT) Lowered to Sell at Zacks Investment Research
Wipro (NYSE:WIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday.
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. “
Several other analysts also recently weighed in on WIT. TheStreet upgraded Wipro from a “c+” rating to a “b-” rating in a research note on Monday, August 6th. ValuEngine upgraded Wipro from a “sell” rating to a “hold” rating in a research note on Thursday, October 11th. CLSA downgraded Wipro from an “underperform” rating to a “sell” rating in a research note on Tuesday, July 24th. Macquarie upgraded Wipro from a “neutral” rating to an “outperform” rating in a research note on Monday, September 10th. Finally, Credit Suisse Group upgraded Wipro from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $6.00.
Wipro (NYSE:WIT) last posted its quarterly earnings results on Wednesday, October 24th. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Wipro had a return on equity of 15.63% and a net margin of 13.84%. On average, analysts expect that Wipro will post 0.27 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of WIT. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Wipro by 165.9% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,605 shares of the information technology services provider’s stock valued at $127,000 after purchasing an additional 16,600 shares during the last quarter. Royal Bank of Canada boosted its stake in Wipro by 7,144.0% during the 1st quarter. Royal Bank of Canada now owns 26,513 shares of the information technology services provider’s stock valued at $137,000 after purchasing an additional 26,147 shares during the last quarter. Greenleaf Trust boosted its stake in Wipro by 78.5% during the 3rd quarter. Greenleaf Trust now owns 33,808 shares of the information technology services provider’s stock valued at $176,000 after purchasing an additional 14,863 shares during the last quarter. Trexquant Investment LP purchased a new stake in Wipro during the 3rd quarter valued at $186,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in Wipro during the 3rd quarter valued at $213,000. Institutional investors and hedge funds own 2.38% 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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