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Wipro (NYSE:WIT) Releases Earnings Results, Meets Expectations

Wipro logo with Computer and Technology background

Wipro (NYSE:WIT - Get Free Report) announced its earnings results on Thursday. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04, Zacks reports. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. Wipro had a return on equity of 16.07% and a net margin of 15.07%.

Wipro Price Performance

NYSE WIT traded down $0.06 on Friday, hitting $3.00. 4,827,901 shares of the company's stock were exchanged, compared to its average volume of 5,054,661. 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 has a 52 week low of $2.63 and a 52 week high of $3.79. The stock has a market cap of $31.38 billion, a price-to-earnings ratio of 19.35, a P/E/G ratio of 10.44 and a beta of 1.02. The stock has a 50-day moving average of $2.97 and a 200-day moving average of $3.14.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WIT. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Wall Street Zen upgraded Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Finally, Jefferies Financial Group lowered Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Wipro has a consensus rating of "Hold".

View Our Latest Stock Report on WIT

Institutional Trading of Wipro

Several large investors have recently made changes to their positions in WIT. Royal Bank of Canada raised its holdings in shares of Wipro by 19.8% in the 1st quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider's stock worth $369,000 after purchasing an additional 19,901 shares during the period. NewEdge Advisors LLC grew its position in shares of Wipro by 87.0% during the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider's stock valued at $828,000 after purchasing an additional 125,967 shares in the last quarter. Jane Street Group LLC grew its position in Wipro by 184.9% in the first quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider's stock worth $687,000 after acquiring an additional 145,658 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Wipro by 22.0% in the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider's stock worth $31,683,000 after acquiring an additional 1,864,943 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for Wipro (NYSE:WIT)

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