Wipro (NYSE:WIT) Stock Rating Lowered by CLSA

Wipro (NYSE:WIT) was downgraded by research analysts at CLSA from an “outperform” rating to a “hold” rating in a research note issued to investors on Monday, Marketbeat Ratings reports.

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Wipro in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Wipro has an average rating of “Reduce”.

Wipro Trading Up 1.7%

Shares of WIT stock opened at $2.69 on Monday. Wipro has a 1 year low of $2.58 and a 1 year high of $3.79. The firm’s fifty day simple moving average is $2.73 and its 200 day simple moving average is $2.84. The firm has a market capitalization of $28.11 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 15.98 and a beta of 1.00.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Wipro had a return on equity of 15.70% and a net margin of 15.06%.The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $224.40 billion. Equities research analysts anticipate that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently bought and sold shares of WIT. Vest Financial LLC bought a new stake in Wipro in the 2nd quarter valued at $31,000. Curi Capital LLC bought a new stake in shares of Wipro in the 2nd quarter worth about $31,000. Hamilton Capital LLC bought a new stake in shares of Wipro in the 1st quarter worth about $32,000. Haven Private LLC bought a new stake in shares of Wipro in the 2nd quarter worth about $39,000. Finally, CW Advisors LLC bought a new stake in shares of Wipro in the 2nd quarter worth about $39,000. Institutional investors own 2.36% of the company’s stock.

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.