Wipro (NYSE:WIT) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research note published on Tuesday morning.

Other research analysts have also issued reports about the stock. TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Wedbush increased their target price on shares of Wipro from $4.00 to $6.00 and gave the stock an underperform rating in a research note on Tuesday, January 16th. Finally, BNP Paribas started coverage on shares of Wipro in a research note on Wednesday, January 17th. They set an underperform rating and a $5.20 target price on the stock. Four analysts have rated the stock with a sell rating and one has issued a buy rating to the company. Based on data from MarketBeat, Wipro presently has an average rating of Reduce and a consensus price target of $5.05.

Wipro Trading Up 1.7 %

NYSE:WIT opened at $5.25 on Tuesday. The firm has a market cap of $27.39 billion, a P/E ratio of 21.00, a P/E/G ratio of 2.12 and a beta of 0.87. Wipro has a 52 week low of $4.35 and a 52 week high of $6.45. The firm’s fifty day moving average is $5.91 and its 200-day moving average is $5.40. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.28 and a current ratio of 2.29.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Wipro by 23.1% during the second quarter. BlackRock Inc. now owns 29,106,981 shares of the information technology services provider’s stock worth $137,385,000 after buying an additional 5,454,757 shares during the last quarter. Morgan Stanley raised its holdings in Wipro by 23.5% during the fourth quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider’s stock worth $64,108,000 after buying an additional 2,621,127 shares during the last quarter. Vanguard Group Inc. raised its holdings in Wipro by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 12,517,287 shares of the information technology services provider’s stock worth $69,721,000 after buying an additional 44,600 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Wipro by 19.1% during the second quarter. Goldman Sachs Group Inc. now owns 12,301,682 shares of the information technology services provider’s stock worth $58,064,000 after buying an additional 1,977,079 shares during the last quarter. Finally, State Street Corp raised its holdings in Wipro by 1.3% during the first quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider’s stock worth $79,953,000 after buying an additional 134,870 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.