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.

Other research analysts also recently issued research reports about the company. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Finally, HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Wipro presently has an average rating of “Moderate Buy”.

Wipro Price Performance

Shares of WIT stock opened at $3.66 on Monday. The stock’s fifty day moving average is $4.93 and its 200-day moving average is $5.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. Wipro has a 52 week low of $2.55 and a 52 week high of $3.75. The stock has a market capitalization of $38.20 billion, a PE ratio of 25.21, a PEG ratio of 2.91 and a beta of 0.91.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.71%. Equities research analysts expect that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC boosted its stake in Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 3,557 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Wipro by 37.8% during the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after purchasing an additional 2,426 shares in the last quarter. Abacus Wealth Partners LLC bought a new position in shares of Wipro during the third quarter worth $71,000. Werba Rubin Papier Wealth Management acquired a new position in shares of Wipro in the 3rd quarter valued at $71,000. Finally, PFG Investments LLC bought a new stake in shares of Wipro in the 4th quarter valued at $43,000. 2.36% of the stock is currently owned by 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.