Wipro (NYSE:WIT) Issues Earnings Results

Wipro (NYSE:WIT - Get Free Report) issued its quarterly earnings data on Thursday. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04, Zacks reports. Wipro had a net margin of 14.73% and a return on equity of 15.97%. The business had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $219.23 billion.

Wipro Price Performance

Shares of Wipro stock traded up $0.11 during midday trading on Thursday, hitting $3.07. 10,391,239 shares of the company traded hands, compared to its average volume of 5,145,864. The stock has a market cap of $32.06 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 8.34 and a beta of 1.02. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.72. The firm's fifty day moving average price is $2.97 and its 200-day moving average price is $3.15. Wipro has a 12 month low of $2.63 and a 12 month high of $3.79.

Analyst Ratings Changes

Several equities analysts have commented on WIT shares. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Wall Street Zen raised shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Finally, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, Wipro has an average rating of "Hold".

Institutional Investors Weigh In On Wipro

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

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.