Wipro (NYSE:WIT) Shares Gap Up to $5.16

Wipro Limited (NYSE:WIT) gapped up before the market opened on Friday . The stock had previously closed at $5.16, but opened at $5.30. Wipro shares last traded at $5.35, with a volume of 884,204 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WIT. Wedbush lifted their target price on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 16th. TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research report on Friday, January 12th. BNP Paribas began coverage on Wipro in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.20 target price on the stock. Finally, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Tuesday. Four research analysts have rated the stock with a sell rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Wipro has an average rating of “Reduce” and an average price target of $5.05.

Wipro Price Performance

The company has a market capitalization of $27.91 billion, a P/E ratio of 20.64, a price-to-earnings-growth ratio of 2.12 and a beta of 0.87. The company has a fifty day moving average price of $5.92 and a 200 day moving average price of $5.39. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.29 and a quick ratio of 2.28.

Hedge Funds Weigh In On Wipro

Institutional investors have recently made changes to their positions in the stock. Janiczek Wealth Management LLC boosted its position in shares of Wipro by 9.7% during the first quarter. Janiczek Wealth Management LLC now owns 115,949 shares of the information technology services provider’s stock worth $667,000 after buying an additional 10,242 shares during the period. DGS Capital Management LLC boosted its position in shares of Wipro by 10.1% during the first quarter. DGS Capital Management LLC now owns 154,646 shares of the information technology services provider’s stock worth $889,000 after buying an additional 14,155 shares during the period. Cherrydale Wealth Management LLC boosted its position in shares of Wipro by 14.2% during the first quarter. Cherrydale Wealth Management LLC now owns 20,756 shares of the information technology services provider’s stock worth $119,000 after buying an additional 2,588 shares during the period. Ballentine Partners LLC boosted its position in shares of Wipro by 22.2% during the first quarter. Ballentine Partners LLC now owns 227,698 shares of the information technology services provider’s stock worth $1,309,000 after buying an additional 41,342 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after buying an additional 1,858 shares during the period. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

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.