Wipro (WIT) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a research note published 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. “

WIT has been the topic of a number of other research reports. ValuEngine upgraded Wipro from a sell rating to a hold rating in a report on Thursday, October 11th. Credit Suisse Group upgraded Wipro from a neutral rating to an outperform rating in a report on Thursday, September 13th. TheStreet lowered Wipro from a b- rating to a c rating in a report on Wednesday, October 24th. Finally, Macquarie upgraded Wipro from a neutral rating to an outperform rating in a report on Monday, September 10th. Three investment 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. The company currently has a consensus rating of Hold and a consensus price target of $6.00.

Shares of WIT stock opened at $5.15 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.51. The firm has a market capitalization of $23.19 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 2.67 and a beta of 0.46. Wipro has a fifty-two week low of $4.50 and a fifty-two week high of $5.99.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Wednesday, October 24th. The information technology services provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm 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%. Sell-side analysts expect that Wipro will post 0.27 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in Wipro by 7,144.0% in 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 in the last quarter. Renaissance Technologies LLC increased its stake in shares of Wipro by 24.9% in the 2nd quarter. Renaissance Technologies LLC now owns 627,300 shares of the information technology services provider’s stock worth $3,005,000 after acquiring an additional 125,000 shares during the last quarter. BlackRock Inc. increased its stake in shares of Wipro by 9.0% in the 2nd quarter. BlackRock Inc. now owns 22,038,581 shares of the information technology services provider’s stock worth $105,564,000 after acquiring an additional 1,812,203 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Wipro by 165.9% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,605 shares of the information technology services provider’s stock worth $127,000 after acquiring an additional 16,600 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Wipro by 42.6% in the 2nd quarter. First Trust Advisors LP now owns 9,454,582 shares of the information technology services provider’s stock worth $45,287,000 after acquiring an additional 2,825,983 shares during the last quarter. Institutional investors own 2.25% of the company’s stock.

About Wipro

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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