Wipro (WIT) Stock Rating Lowered by 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 to investors 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. “
Separately, Goldman Sachs Group cut shares of Wipro from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Four equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. Wipro has a consensus rating of “Hold” and a consensus target price of $141.50.
Wipro (NYSE:WIT) last posted its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Wipro had a net margin of 15.77% and a return on equity of 16.14%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.17 billion. equities analysts anticipate that Wipro will post 0.27 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of WIT. Legal & General Group Plc grew its holdings in shares of Wipro by 100.0% during the 2nd quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock valued at $118,000 after acquiring an additional 11,360 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Wipro during the 2nd quarter valued at $132,000. Nationwide Fund Advisors grew its holdings in shares of Wipro by 100.0% during the 2nd quarter. Nationwide Fund Advisors now owns 26,596 shares of the information technology services provider’s stock valued at $138,000 after acquiring an additional 13,298 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Wipro by 104.9% during the 2nd quarter. Citigroup Inc. now owns 31,223 shares of the information technology services provider’s stock valued at $162,000 after acquiring an additional 15,988 shares in the last quarter. Finally, QS Investors LLC grew its holdings in shares of Wipro by 100.0% during the 2nd quarter. QS Investors LLC now owns 31,554 shares of the information technology services provider’s stock valued at $164,000 after acquiring an additional 15,777 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.
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Wipro Limited (Wipro) is a global information technology (IT) services provider. It 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 digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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