Wipro (NYSE:WIT) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

WIT has been the subject of a number of other reports. Wedbush boosted their price target on shares of Wipro from $4.00 to $6.00 and gave the company an underperform rating in a research report on Tuesday, January 16th. TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research report on Friday, January 12th. Finally, BNP Paribas began coverage on shares of Wipro in a research report on Wednesday, January 17th. They issued an underperform rating and a $5.20 price target for the company. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the company. According to MarketBeat, the company has an average rating of Reduce and an average price target of $5.05.

Wipro Stock Performance

Shares of WIT stock opened at $5.47 on Wednesday. Wipro has a 12 month low of $4.47 and a 12 month high of $6.45. The company has a market cap of $28.51 billion, a P/E ratio of 21.86, a PEG ratio of 2.21 and a beta of 0.87. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average price of $5.88 and a 200 day moving average price of $5.41.

Institutional Investors Weigh In On Wipro

A number of institutional investors and hedge funds have recently made changes to their positions in WIT. GAMMA Investing LLC raised its holdings in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares during the last quarter. AlphaQ Advisors LLC purchased a new position in Wipro during the third quarter worth about $48,000. Marks Group Wealth Management Inc purchased a new position in Wipro during the third quarter worth about $49,000. Keel Point LLC purchased a new position in Wipro during the third quarter worth about $54,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in Wipro during the third quarter worth about $56,000. 2.36% of the stock is 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 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.