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

Wipro (NYSE:WIT) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

Other analysts have also issued research reports about the company. Investec lowered Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Performance

Shares of NYSE WIT opened at $3.63 on Thursday. Wipro has a fifty-two week low of $2.47 and a fifty-two week high of $3.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market cap of $18.94 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 4.72 and a beta of 0.92. The business’s 50 day moving average price is $6.73 and its 200-day moving average price is $6.31.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, sell-side analysts expect that Wipro will post 0.27 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. lifted its holdings in Wipro by 6.9% during the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock worth $158,000 after buying an additional 1,665 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Wipro by 13.6% in the second quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after purchasing an additional 1,692 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in Wipro by 4.9% in the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Wipro by 11.8% in the 2nd quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after buying an additional 2,178 shares in the last quarter. 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.