Wipro (NYSE:WIT) Lowered to "Hold" Rating by CLSA

Key Points

• Wipro has been downgraded from an "outperform" rating to a "hold" rating by CLSA, reflecting a cautious outlook on the stock.
• The company reported a quarterly earnings miss with earnings per share of $0.03, falling short of the $0.04 consensus estimate.
• Wipro's current stock price is $2.64, with a 12-month high of $3.79 and a market capitalization of $27.64 billion.

Wipro (NYSE:WIT - Get Free Report) was downgraded by equities researchers at CLSA from an "outperform" rating to a "hold" rating in a report released on Monday, MarketBeat reports.

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Wipro in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Wipro has a consensus rating of "Reduce".

Wipro Stock Down 1.1%

Shares of Wipro stock opened at $2.64 on Monday. Wipro has a 12-month low of $2.58 and a 12-month high of $3.79. The stock has a 50 day moving average price of $2.73 and a two-hundred day moving average price of $2.84. The stock has a market capitalization of $27.64 billion, a P/E ratio of 17.60, a PEG ratio of 15.98 and a beta of 1.00.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). Wipro had a net margin of 15.06% and a return on equity of 15.70%. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $224.40 billion. Sell-side analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently added to or reduced their stakes in WIT. R Squared Ltd increased its holdings in Wipro by 16.0% during the 2nd quarter. R Squared Ltd now owns 27,810 shares of the information technology services provider's stock worth $84,000 after purchasing an additional 3,830 shares in the last quarter. Tidal Investments LLC raised its position in Wipro by 19.3% in the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider's stock valued at $82,000 after buying an additional 4,403 shares during the last quarter. Fragasso Financial Advisors Inc lifted its stake in Wipro by 30.5% during the 3rd quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider's stock valued at $51,000 after acquiring an additional 4,511 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Wipro by 5.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock worth $278,000 after acquiring an additional 5,103 shares in the last quarter. Finally, Cresset Asset Management LLC raised its holdings in shares of Wipro by 10.2% in the second quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider's stock valued at $169,000 after purchasing an additional 5,166 shares during the last quarter. 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.

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