Wipro Limited (WIPRO): New Sell Recommendation for This Technology Giant

In a report released yesterday, Surendra Goyal from Citi maintained a Sell rating on Wipro Limited, with a price target of INR225.00. The company’s shares closed yesterday at INR235.75.

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Goyal covers the Technology sector, focusing on stocks such as HCL Technologies Limited, Infosys Limited, and Tata Consultancy Services Limited. According to TipRanks, Goyal has an average return of 1.6% and a 60.00% success rate on recommended stocks.

In addition to Citi, Wipro Limited also received a Sell from Bank of America Securities’s Kunal Tayal in a report issued on September 22. However, yesterday, Macquarie maintained a Buy rating on Wipro Limited (NSE: WIPRO).

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.