The Goldman Sachs Group upgraded shares of Wipro (NYSE:WIT – Get Rating) from a sell rating to a buy rating in a research report released on Tuesday morning, Marketbeat.com reports. The firm currently has $4.87 price objective on the information technology services provider's stock. The analysts noted that the move was a valuation call.
Several other equities analysts also recently weighed in on WIT. StockNews.com downgraded Wipro from a buy rating to a hold rating in a research report on Wednesday, June 29th. Morgan Stanley downgraded Wipro from an overweight rating to an underweight rating in a report on Thursday, July 14th. Nomura downgraded Wipro from a buy rating to a neutral rating in a report on Wednesday, May 25th. TheStreet downgraded Wipro from a b- rating to a c+ rating in a report on Friday, July 8th. Finally, JPMorgan Chase & Co. downgraded Wipro from a neutral rating to an underweight rating in a report on Thursday, May 19th. Five research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Wipro presently has an average rating of Hold and a consensus target price of $4.79.
Get Wipro alerts:Wipro Stock Down 2.2 %
Shares of NYSE:WIT opened at $4.96 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 1.95 and a debt-to-equity ratio of 0.09. Wipro has a 52-week low of $4.92 and a 52-week high of $9.96. The stock's fifty day simple moving average is $5.22 and its 200-day simple moving average is $6.12. The company has a market capitalization of $27.12 billion, a P/E ratio of 18.37, a P/E/G ratio of 2.10 and a beta of 0.83.
Wipro (NYSE:WIT – Get Rating) last released its earnings results on Wednesday, July 20th. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.02). Wipro had a return on equity of 17.66% and a net margin of 14.06%. The business had revenue of $2.72 billion for the quarter, compared to analysts' expectations of $2.75 billion. As a group, equities research analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.Institutional Investors Weigh In On Wipro
A number of hedge funds have recently bought and sold shares of WIT. 1832 Asset Management L.P. acquired a new stake in Wipro during the 1st quarter valued at approximately $26,000. Glassman Wealth Services lifted its holdings in Wipro by 66.9% during the 4th quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider's stock worth $35,000 after buying an additional 1,437 shares during the last quarter. Deuterium Capital Management LLC bought a new position in Wipro during the 2nd quarter worth approximately $53,000. Lindbrook Capital LLC lifted its holdings in Wipro by 24.3% during the 2nd quarter. Lindbrook Capital LLC now owns 9,943 shares of the information technology services provider's stock worth $53,000 after buying an additional 1,943 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in Wipro during the 2nd quarter worth approximately $55,000. Institutional investors and hedge funds own 2.13% of the company's stock.
About Wipro
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Wipro Limited operates as information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.
Further Reading
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