Wipro Limited (NYSE:WIT) Receives Average Rating of “Reduce” from Brokerages

Shares of Wipro Limited (NYSE:WIT) have been given a consensus recommendation of “Reduce” by the six research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company.

Several research firms have weighed in on WIT. CLSA downgraded shares of Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wipro in a research note on Thursday, October 30th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WIT. First Affirmative Financial Network raised its stake in shares of Wipro by 29.7% in the third quarter. First Affirmative Financial Network now owns 35,790 shares of the information technology services provider’s stock worth $94,000 after purchasing an additional 8,185 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in Wipro by 117.6% in the third quarter. Coldstream Capital Management Inc. now owns 215,671 shares of the information technology services provider’s stock valued at $567,000 after buying an additional 116,554 shares during the last quarter. XTX Topco Ltd increased its holdings in Wipro by 233.8% in the 3rd quarter. XTX Topco Ltd now owns 362,266 shares of the information technology services provider’s stock worth $953,000 after buying an additional 253,722 shares during the period. Voleon Capital Management LP purchased a new position in Wipro during the 3rd quarter worth approximately $563,000. Finally, Verition Fund Management LLC raised its position in Wipro by 264.2% during the 3rd quarter. Verition Fund Management LLC now owns 3,308,080 shares of the information technology services provider’s stock worth $8,700,000 after buying an additional 2,399,745 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Stock Performance

Wipro stock opened at $2.69 on Friday. The stock has a market cap of $28.12 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 16.16 and a beta of 1.02. The stock has a 50-day moving average of $2.68 and a two-hundred day moving average of $2.81. Wipro has a one year low of $2.55 and a one 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 analysts’ consensus estimates of $0.04 by ($0.01). The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $224.40 billion. Wipro had a return on equity of 15.80% and a net margin of 15.06%. As a group, sell-side analysts predict that Wipro will post 0.14 EPS for the current fiscal year.

About Wipro

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.