StockNews.com upgraded shares of Wipro (NYSE:WIT – Free Report) from a hold rating to a buy rating in a research note issued to investors on Friday.
Several other equities analysts have also issued reports on WIT. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Nomura assumed coverage on Wipro in a research note on Tuesday, July 2nd. They issued a buy rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has a consensus rating of Hold and an average price target of $5.60.
Check Out Our Latest Report on WIT
Wipro Price Performance
Wipro (NYSE:WIT – Get Free Report) last announced its earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the previous year, the business earned $0.06 EPS. As a group, equities analysts expect that Wipro will post 0.27 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in WIT. CWM LLC raised its position in shares of Wipro by 12.7% during the fourth quarter. CWM LLC now owns 17,286 shares of the information technology services provider’s stock worth $96,000 after purchasing an additional 1,951 shares during the period. Van ECK Associates Corp raised its holdings in Wipro by 114.2% during the fourth quarter. Van ECK Associates Corp now owns 77,662 shares of the information technology services provider’s stock worth $433,000 after buying an additional 41,411 shares during the last quarter. First Trust Direct Indexing L.P. grew its holdings in shares of Wipro by 21.6% during the fourth quarter. First Trust Direct Indexing L.P. now owns 209,595 shares of the information technology services provider’s stock valued at $1,167,000 after buying an additional 37,192 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Wipro by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 2,312,160 shares of the information technology services provider’s stock worth $12,879,000 after acquiring an additional 83,519 shares in the last quarter. Finally, Leuthold Group LLC raised its holdings in shares of Wipro by 57.1% in the 4th quarter. Leuthold Group LLC now owns 101,853 shares of the information technology services provider’s stock worth $567,000 after acquiring an additional 37,035 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.
Wipro Company Profile
Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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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