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

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

A number of other research firms also recently weighed in on WIT. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Finally, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Wipro has an average rating of “Moderate Buy”.

Wipro Stock Up 4.1 %

WIT opened at $3.44 on Monday. Wipro has a twelve month low of $2.55 and a twelve month high of $3.75. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average price of $5.07 and a 200-day moving average price of $5.89. The stock has a market capitalization of $35.90 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 4.55 and a beta of 0.91.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. State Street Corp increased its position in Wipro by 0.8% in the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after buying an additional 2,267,995 shares during the period. Fisher Asset Management LLC lifted its position in shares of Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after buying an additional 867,516 shares during the period. Finally, Creative Planning grew its stake in Wipro by 24.6% in the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock worth $8,666,000 after purchasing an additional 263,925 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

Wipro Company Profile

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.