Wipro (NYSE:WIT) Upgraded at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a report issued on Monday morning.

A number of other research analysts have also issued reports on WIT. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

Shares of Wipro stock opened at $3.54 on Monday. Wipro has a 1 year low of $2.55 and a 1 year high of $3.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The business has a 50 day moving average price of $5.83 and a 200 day moving average price of $6.11. The company has a market capitalization of $37.00 billion, a P/E ratio of 26.22, a P/E/G ratio of 4.92 and a beta of 0.92.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Sell-side analysts anticipate that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Frank Rimerman Advisors LLC purchased a new stake in Wipro in the second quarter valued at approximately $531,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Wipro during the 3rd quarter valued at $610,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Wipro during the 3rd quarter worth $860,000. AQR Capital Management LLC increased its holdings in shares of Wipro by 12.9% during the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock worth $4,223,000 after buying an additional 79,431 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of Wipro by 207.4% in the 3rd quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider’s stock worth $1,116,000 after buying an additional 123,478 shares during the period. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.