Wipro (NYSE:WIT) Downgraded to Hold Rating by CLSA

CLSA cut shares of Wipro (NYSE:WIT) from an outperform rating to a hold rating in a report issued on Monday morning, Marketbeat reports.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce”.

Wipro Trading Down 0.2%

Shares of WIT stock opened at $2.64 on Monday. The stock has a market cap of $27.59 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 15.98 and a beta of 1.00. The stock has a 50-day moving average of $2.73 and a 200-day moving average of $2.84. Wipro has a 1-year low of $2.58 and a 1-year high of $3.79.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $224.40 billion. Wipro had a net margin of 15.06% and a return on equity of 15.70%. Sell-side analysts forecast that Wipro will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Wipro by 5.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock valued at $278,000 after buying an additional 5,103 shares in the last quarter. GAMMA Investing LLC increased its position in Wipro by 182.7% in the 1st quarter. GAMMA Investing LLC now owns 65,291 shares of the information technology services provider’s stock valued at $200,000 after buying an additional 42,192 shares in the last quarter. HB Wealth Management LLC increased its position in Wipro by 12.2% in the 2nd quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider’s stock valued at $162,000 after buying an additional 5,856 shares in the last quarter. QRG Capital Management Inc. increased its position in Wipro by 78.8% in the 2nd quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider’s stock valued at $372,000 after buying an additional 54,337 shares in the last quarter. Finally, Modern Wealth Management LLC bought a new stake in Wipro in the 1st quarter valued at about $612,000. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.