Wipro (WIT) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a report published on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $4.75 target price on the information technology services provider’s stock.
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. “
WIT has been the subject of a number of other reports. Deutsche Bank initiated coverage on Wipro in a research report on Thursday, January 10th. They set a hold rating for the company. Wedbush lowered their price objective on Wipro from $4.25 to $3.75 and set an underperform rating for the company in a research report on Thursday, March 21st. Credit Suisse Group downgraded Wipro from a neutral rating to an underperform rating and set a $5.78 price objective for the company. in a research report on Tuesday, February 26th. Nomura downgraded Wipro from a neutral rating to a reduce rating in a research report on Thursday, April 18th. Finally, Macquarie downgraded Wipro from an outperform rating to a neutral rating in a research report on Tuesday, April 16th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Wipro has an average rating of Hold and a consensus price target of $4.76.
Wipro (NYSE:WIT) last announced its quarterly earnings results on Tuesday, April 16th. The information technology services provider reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.01). Wipro had a net margin of 15.39% and a return on equity of 17.24%. The firm had revenue of $150.06 billion for the quarter, compared to analyst estimates of $150.97 billion. During the same period in the previous year, the business posted $9.08 earnings per share. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. Equities analysts predict that Wipro will post 0.25 EPS for the current year.
Hedge funds have recently modified their holdings of the business. First Command Financial Services Inc. bought a new stake in Wipro in the fourth quarter worth approximately $28,000. First Command Bank bought a new stake in Wipro in the fourth quarter worth approximately $28,000. Lindbrook Capital LLC increased its holdings in Wipro by 50.1% in the first quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock worth $28,000 after purchasing an additional 2,358 shares in the last quarter. Private Advisor Group LLC bought a new stake in Wipro in the fourth quarter worth approximately $57,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Wipro in the first quarter worth approximately $60,000. Institutional investors and hedge funds own 1.72% of the company’s stock.
Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.
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