Wipro (NYSE:WIT) Issues Quarterly Earnings Results

Wipro (NYSE:WIT) announced its quarterly earnings results on Friday. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07, Zacks reports. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. Wipro had a net margin of 12.29% and a return on equity of 15.60%. During the same quarter in the previous year, the firm posted $0.06 EPS.

Wipro Stock Down 2.6 %

WIT stock traded down $0.16 during mid-day trading on Monday, hitting $5.93. 387,652 shares of the company were exchanged, compared to its average volume of 2,840,327. The firm’s 50 day simple moving average is $5.82 and its 200 day simple moving average is $5.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.57 and a current ratio of 2.58. Wipro has a 1-year low of $4.48 and a 1-year high of $7.01. The firm has a market cap of $30.95 billion, a P/E ratio of 24.36, a P/E/G ratio of 4.19 and a beta of 0.90.

Analyst Ratings Changes

A number of analysts have commented on WIT shares. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Nomura initiated coverage on Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.30.

About Wipro

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.