Wipro Ltd. (NYSE:WIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

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. “

A number of other equities research analysts also recently weighed in on WIT. Nomura downgraded Wipro from a “neutral” rating to a “reduce” rating in a report on Monday, October 24th. Wedbush started coverage on Wipro in a report on Thursday, September 8th. They issued an “underperform” rating and a $8.50 target price on the stock. HSBC downgraded Wipro from a “hold” rating to a “reduce” rating in a report on Tuesday, August 9th. Finally, TheStreet downgraded Wipro from a “buy” rating to a “hold” rating in a report on Friday, September 16th. Five equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Wipro has a consensus rating of “Sell” and an average target price of $11.17.

Analyst Recommendations for Wipro (NYSE:WIT)

Shares of Wipro (NYSE:WIT) opened at 9.36 on Tuesday. Wipro has a 12-month low of $9.09 and a 12-month high of $13.08. The company has a 50-day moving average price of $9.65 and a 200-day moving average price of $10.94. The company has a market cap of $22.62 billion, a P/E ratio of 17.76 and a beta of 1.00.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, October 21st. The company reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. Wipro had a return on equity of 18.06% and a net margin of 15.96%. The company had revenue of $137.66 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the business earned $9.08 EPS. Wipro’s revenue was up 10.0% on a year-over-year basis. On average, analysts predict that Wipro will post $0.54 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in Wipro by 2.3% in the second quarter. AQR Capital Management LLC now owns 6,509,182 shares of the company’s stock valued at $80,453,000 after buying an additional 146,062 shares during the period. Vanguard Group Inc. increased its stake in Wipro by 3.4% in the second quarter. Vanguard Group Inc. now owns 5,841,292 shares of the company’s stock valued at $72,198,000 after buying an additional 190,666 shares during the period. BlackRock Group LTD increased its stake in Wipro by 1.2% in the third quarter. BlackRock Group LTD now owns 3,913,284 shares of the company’s stock valued at $37,998,000 after buying an additional 45,530 shares during the period. Nordea Investment Management AB increased its stake in Wipro by 37.1% in the third quarter. Nordea Investment Management AB now owns 2,988,203 shares of the company’s stock valued at $29,015,000 after buying an additional 808,439 shares during the period. Finally, State Street Corp increased its stake in Wipro by 12.1% in the second quarter. State Street Corp now owns 2,524,596 shares of the company’s stock valued at $31,204,000 after buying an additional 272,145 shares during the period. 2.38% of the stock is currently owned by institutional investors.

Wipro Company Profile

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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