Wipro (NYSE:WIT) Stock Price Down 2.6%

Wipro Limited (NYSE:WIT - Get Free Report) fell 2.6% during trading on Monday . The company traded as low as $5.58 and last traded at $5.61. 859,807 shares traded hands during trading, a decline of 67% from the average session volume of 2,589,782 shares. The stock had previously closed at $5.76.

Analyst Ratings Changes

A number of research firms have recently commented on WIT. TheStreet upgraded Wipro from a "c+" rating to a "b-" rating in a research report on Friday, January 12th. StockNews.com downgraded Wipro from a "buy" rating to a "hold" rating in a research report on Friday. BNP Paribas began coverage on Wipro in a research report on Wednesday, January 17th. They set an "underperform" rating and a $5.20 target price for the company. Finally, Wedbush increased their target price on Wipro from $4.00 to $6.00 and gave the company an "underperform" rating in a research report on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating and one has issued a hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $5.05.

Wipro Stock Performance

The company has a market capitalization of $29.32 billion, a P/E ratio of 23.04, a P/E/G ratio of 2.31 and a beta of 0.87. The business has a 50-day moving average of $5.98 and a 200-day moving average of $5.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.29 and a quick ratio of 2.28.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Friday, January 12th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.76 billion. Wipro had a return on equity of 15.68% and a net margin of 12.42%. On average, sell-side analysts anticipate that Wipro Limited will post 0.25 EPS for the current year.

Institutional Trading of Wipro

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Wipro by 23.1% in the second quarter. BlackRock Inc. now owns 29,106,981 shares of the information technology services provider's stock worth $137,385,000 after purchasing an additional 5,454,757 shares during the period. Morgan Stanley increased its stake in shares of Wipro by 23.5% during the fourth quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider's stock valued at $64,108,000 after buying an additional 2,621,127 shares during the period. Vanguard Group Inc. increased its stake in shares of Wipro by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 12,517,287 shares of the information technology services provider's stock valued at $69,721,000 after buying an additional 44,600 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Wipro by 19.1% during the second quarter. Goldman Sachs Group Inc. now owns 12,301,682 shares of the information technology services provider's stock valued at $58,064,000 after buying an additional 1,977,079 shares during the period. Finally, State Street Corp increased its stake in shares of Wipro by 1.3% during the first quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider's stock valued at $79,953,000 after buying an additional 134,870 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Company Profile

Wipro Limited operates as an 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.