New Sell Rating for Wipro Limited (WIPRO), the Technology Giant

In a report released yesterday, Kunal Tayal from Bank of America Securities maintained a Sell rating on Wipro Limited, with a price target of INR218.00. The company’s shares closed yesterday at INR241.80.

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According to TipRanks, Tayal is ranked #4156 out of 10012 analysts.

Currently, the analyst consensus on Wipro Limited is a Hold with an average price target of INR262.17, implying an 8.42% upside from current levels. In a report released on September 30, Goldman Sachs also maintained a Sell rating on the stock with a INR232.00 price target.

Based on Wipro Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of INR221.35 billion and a net profit of INR33.3 billion. In comparison, last year the company earned a revenue of INR219.64 billion and had a net profit of INR30.03 billion

Based on the recent corporate insider activity of 387 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WIPRO in relation to earlier this year.