Wipro (NYSE:WIT – Get Free Report) was downgraded by Investec from a “hold” rating to a “sell” rating in a report issued on Thursday, MarketBeat reports.
A number of other analysts have also recently commented on the stock. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Friday, September 27th. Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Nomura began coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wipro currently has a consensus rating of “Hold” and a consensus price target of $5.60.
Read Our Latest Report on Wipro
Wipro Trading Up 0.9 %
Wipro (NYSE:WIT – Get Free Report) last released its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the company earned $0.06 earnings per share. As a group, analysts forecast that Wipro will post 0.27 EPS for the current fiscal year.
Hedge Funds Weigh In On Wipro
Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in Wipro by 65.5% in the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after acquiring an additional 2,437,802 shares in the last quarter. Millennium Management LLC lifted its position in Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Wipro by 6,295.2% in the first quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock valued at $10,260,000 after buying an additional 1,771,854 shares during the last quarter. Marshall Wace LLP purchased a new stake in Wipro during the second quarter worth about $7,994,000. Finally, Jane Street Group LLC increased its stake in Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after purchasing an additional 1,001,644 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.
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.
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