Wipro (WIT) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a research report sent to investors on Friday.
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 issued research reports about the company. ValuEngine raised Wipro from a sell rating to a hold rating in a report on Friday, August 17th. Macquarie raised Wipro from a neutral rating to an outperform rating in a report on Monday, September 10th. TheStreet lowered Wipro from a b- rating to a c rating in a report on Wednesday, October 24th. Finally, Credit Suisse Group raised Wipro from a neutral rating to an outperform rating in a report on Thursday, September 13th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $6.00.
Wipro (NYSE:WIT) last posted its earnings results on Wednesday, October 24th. The information technology services provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Wipro had a net margin of 13.84% and a return on equity of 15.63%. As a group, equities analysts anticipate that Wipro will post 0.27 EPS for the current year.
Several hedge funds have recently modified their holdings of WIT. First Trust Advisors LP grew its holdings in shares of Wipro by 42.6% during the second quarter. First Trust Advisors LP now owns 9,454,582 shares of the information technology services provider’s stock worth $45,287,000 after purchasing an additional 2,825,983 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Wipro by 9.0% during the second quarter. BlackRock Inc. now owns 22,038,581 shares of the information technology services provider’s stock worth $105,564,000 after purchasing an additional 1,812,203 shares during the last quarter. ClariVest Asset Management LLC grew its holdings in shares of Wipro by 64.2% during the third quarter. ClariVest Asset Management LLC now owns 1,408,800 shares of the information technology services provider’s stock worth $7,340,000 after purchasing an additional 550,900 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Wipro by 376.1% during the third quarter. SG Americas Securities LLC now owns 645,567 shares of the information technology services provider’s stock worth $3,363,000 after purchasing an additional 509,964 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new position in shares of Wipro during the third quarter worth about $2,373,000. 2.25% of the stock is currently owned by institutional investors.
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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