Wipro Limited (NYSE:WIT) Expected to Announce Quarterly Sales of $2.16 Billion

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Equities analysts expect Wipro Limited (NYSE:WIT) to post sales of $2.16 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Wipro’s earnings. The lowest sales estimate is $2.15 billion and the highest is $2.18 billion. Wipro posted sales of $2.01 billion during the same quarter last year, which would indicate a positive year over year growth rate of 7.5%. The business is scheduled to announce its next earnings results on Wednesday, October 23rd.

On average, analysts expect that Wipro will report full year sales of $8.84 billion for the current financial year, with estimates ranging from $8.82 billion to $8.86 billion. For the next fiscal year, analysts forecast that the business will report sales of $9.32 billion, with estimates ranging from $9.30 billion to $9.33 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Wipro.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. Wipro had a net margin of 15.65% and a return on equity of 17.02%. The company had revenue of $139.80 million during the quarter, compared to analyst estimates of $147.23 billion. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year.

Several research analysts recently issued reports on the stock. Nomura lowered shares of Wipro from a “neutral” rating to a “reduce” rating in a research report on Thursday, April 18th. Macquarie lowered shares of Wipro from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 16th. Wedbush reiterated an “underperform” rating on shares of Wipro in a research report on Wednesday. Finally, Zacks Investment Research lowered shares of Zafgen from a “buy” rating to a “hold” rating in a research report on Saturday. Four research 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. The company presently has a consensus rating of “Hold” and a consensus price target of $4.76.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lindbrook Capital LLC boosted its position in Wipro by 50.1% during the first quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 2,358 shares during the period. Stevens Capital Management LP purchased a new stake in Wipro during the first quarter valued at about $56,000. Private Advisor Group LLC purchased a new stake in Wipro during the fourth quarter valued at about $57,000. Janney Montgomery Scott LLC boosted its position in Wipro by 33.3% during the first quarter. Janney Montgomery Scott LLC now owns 14,696 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 3,671 shares during the period. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Wipro during the first quarter valued at about $60,000. Institutional investors and hedge funds own 2.23% of the company’s stock.

NYSE:WIT traded down $0.09 during midday trading on Monday, hitting $4.17. The company had a trading volume of 1,813,076 shares, compared to its average volume of 2,300,536. Wipro has a 52-week low of $3.62 and a 52-week high of $4.63. The stock has a fifty day simple moving average of $4.36. The firm has a market cap of $25.57 billion, a P/E ratio of 18.95, a PEG ratio of 1.48 and a beta of 0.49. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.67 and a quick ratio of 2.65.

Wipro Company Profile

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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