Wipro (NYSE:WIT) Stock Rating Upgraded by StockNews.com

Wipro (NYSE:WITGet Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Separately, Credit Suisse Group cut shares of Wipro from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 13th. Six analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.79.

Wipro Stock Down 0.4 %

Shares of NYSE:WIT opened at $5.00 on Thursday. The company has a quick ratio of 2.01, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $27.37 billion, a P/E ratio of 19.23, a P/E/G ratio of 2.11 and a beta of 0.83. Wipro has a 52-week low of $4.38 and a 52-week high of $8.07. The stock’s fifty day simple moving average is $4.81 and its 200-day simple moving average is $4.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WIT. BlackRock Inc. increased its holdings in shares of Wipro by 14.0% during the 3rd quarter. BlackRock Inc. now owns 17,660,329 shares of the information technology services provider’s stock worth $83,180,000 after buying an additional 2,175,086 shares during the last quarter. State Street Corp raised its holdings in shares of Wipro by 1.3% in the 1st quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider’s stock worth $79,953,000 after purchasing an additional 134,870 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Wipro by 29.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,657,490 shares of the information technology services provider’s stock valued at $66,749,000 after purchasing an additional 1,962,931 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Wipro by 27.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,894,831 shares of the information technology services provider’s stock worth $25,990,000 after purchasing an additional 1,064,771 shares during the period. Finally, Fisher Asset Management LLC increased its position in Wipro by 7.5% during the 3rd quarter. Fisher Asset Management LLC now owns 4,458,520 shares of the information technology services provider’s stock worth $21,000,000 after purchasing an additional 310,539 shares in the last quarter. Institutional investors and hedge funds own 2.12% of the company’s stock.

About Wipro

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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.

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