Published On: Tue, Sep 6th, 2016

Wipro Limited (WIT) Rating Increased to Hold at Zacks Investment Research

Wipro Limited (NYSE:WIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “
Wipro Limited (NYSE:WIT) traded down 0.722% on Tuesday, hitting $10.315. 108,686 shares of the company were exchanged. Wipro Limited has a one year low of $10.16 and a one year high of $13.08. The stock has a 50 day moving average price of $11.06 and a 200 day moving average price of $11.85. The firm has a market cap of $25.34 billion and a price-to-earnings ratio of 19.499.

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Wipro Limited (NYSE:WIT) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.02 billion. On average, equities research analysts forecast that Wipro Limited will post $0.55 EPS for the current fiscal year.
A number of hedge funds have bought and sold shares of the stock. State Street Corp boosted its stake in Wipro Limited by 6.8% in the first quarter. State Street Corp now owns 2,252,451 shares of the company’s stock worth $28,332,000 after buying an additional 144,090 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Wipro Limited by 48.4% in the second quarter. Fisher Asset Management LLC now owns 1,854,321 shares of the company’s stock worth $23,012,000 after buying an additional 604,706 shares during the last quarter. Aperio Group LLC boosted its stake in Wipro Limited by 11.4% in the first quarter. Aperio Group LLC now owns 1,477,422 shares of the company’s stock worth $18,586,000 after buying an additional 151,748 shares during the last quarter. Royal Bank of Canada boosted its stake in Wipro Limited by 4.9% in the first quarter. Royal Bank of Canada now owns 1,048,561 shares of the company’s stock worth $13,191,000 after buying an additional 48,803 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Wipro Limited by 52.9% in the first quarter. Renaissance Technologies LLC now owns 871,900 shares of the company’s stock worth $10,969,000 after buying an additional 301,800 shares during the last quarter.
Separately, HSBC downgraded shares of Wipro Limited from a “hold” rating to a “reduce” rating in a report on Tuesday, August 9th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Wipro Limited currently has an average rating of “Hold” and an average target price of $12.50.
Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, business process services, research and development and hardware and software design to the enterprises worldwide.

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