Wipro Limited (NYSE:WIT) Receives Average Rating of "Reduce" from Analysts

Shares of Wipro Limited (NYSE:WIT - Get Free Report) have been given a consensus recommendation of "Reduce" by the five analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company.

WIT has been the subject of a number of recent analyst reports. Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. Finally, Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th.

Hedge Funds Weigh In On Wipro

Institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC increased its stake in shares of Wipro by 292.0% in the 4th quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider's stock valued at $221,000 after purchasing an additional 46,432 shares in the last quarter. Barclays PLC purchased a new position in shares of Wipro in the 4th quarter valued at about $461,000. Northern Trust Corp increased its stake in shares of Wipro by 172.8% in the 4th quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider's stock valued at $9,484,000 after purchasing an additional 1,697,118 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Wipro by 100.0% in the 4th quarter. Legal & General Group Plc now owns 106,088 shares of the information technology services provider's stock valued at $375,000 after purchasing an additional 53,044 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Wipro by 116.5% in the 4th quarter. Wells Fargo & Company MN now owns 16,370 shares of the information technology services provider's stock valued at $58,000 after purchasing an additional 8,808 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Stock Up 0.9%

Shares of NYSE:WIT traded up $0.03 on Friday, reaching $2.91. The company had a trading volume of 6,985,400 shares, compared to its average volume of 5,075,746. Wipro has a 52-week low of $2.63 and a 52-week high of $3.79. The firm's 50 day simple moving average is $2.96 and its 200-day simple moving average is $3.15. The firm has a market capitalization of $30.39 billion, a PE ratio of 19.37, a PEG ratio of 8.20 and a beta of 1.02. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. The firm had revenue of $2.62 billion during the quarter, compared to analysts' expectations of $225.66 billion. Wipro had a return on equity of 15.97% and a net margin of 14.73%. As a group, analysts expect that Wipro will post 0.14 earnings per share for the current fiscal year.

Wipro Company Profile

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.