Wipro Limited (NYSE:WIT) Given Average Rating of "Reduce" by Analysts

Key Points

• Wipro Limited (NYSE:WIT) has received a consensus recommendation of "Reduce" from five research firms, with two analysts suggesting a sell and three recommending hold.
• The company's most recent quarterly earnings report indicates an EPS of $0.04, matching consensus estimates, alongside revenue of $2.58 billion.
• Several institutional investors have recently acquired new stakes in Wipro, with institutional ownership currently at 2.36% of the company's stock.

Shares of Wipro Limited (NYSE:WIT - Get Free Report) have earned a consensus recommendation of "Reduce" from the five analysts that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company.

Several research analysts recently commented on the stock. Wall Street Zen raised shares of Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WIT. Vanguard Group Inc. increased its stake in Wipro by 92.0% in the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock worth $82,692,000 after acquiring an additional 11,196,013 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Wipro by 44.4% in the 1st quarter. Acadian Asset Management LLC now owns 20,977,514 shares of the information technology services provider's stock valued at $64,171,000 after acquiring an additional 6,447,184 shares during the last quarter. Marshall Wace LLP purchased a new stake in Wipro during the fourth quarter valued at approximately $20,008,000. BNP Paribas Financial Markets increased its position in shares of Wipro by 36.4% during the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after purchasing an additional 4,215,981 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Wipro by 115.3% during the first quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider's stock worth $17,646,000 after buying an additional 3,087,697 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Stock Performance

Wipro stock traded up $0.02 during mid-day trading on Wednesday, hitting $2.66. 9,243,650 shares of the company traded hands, compared to its average volume of 6,106,819. Wipro has a one year low of $2.62 and a one year high of $3.79. The stock has a market cap of $27.77 billion, a price-to-earnings ratio of 17.13, a price-to-earnings-growth ratio of 9.77 and a beta of 0.93. The stock has a fifty day moving average price of $2.94 and a 200-day moving average price of $3.08.

Wipro (NYSE:WIT - Get Free Report) last released its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts' consensus estimates of $0.04. The business had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. Sell-side analysts predict that Wipro will post 0.14 EPS for the current year.

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.