Wipro (NYSE:WIT) Upgraded at StockNews.com

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

WIT has been the subject of several other research reports. Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.60.

Wipro Trading Up 0.8 %

WIT opened at $3.67 on Thursday. 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 stock’s fifty day moving average is $6.62 and its two-hundred day moving average is $6.27. The company has a market capitalization of $38.35 billion, a P/E ratio of 27.00, a PEG ratio of 4.89 and a beta of 0.92. Wipro has a 52 week low of $2.55 and a 52 week high of $3.75.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. Analysts forecast that Wipro will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased 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. Mayflower Financial Advisors LLC purchased a new position in Wipro during the 2nd quarter worth $64,000. Abacus Wealth Partners LLC acquired a new position in Wipro during the 3rd quarter valued at about $71,000. Werba Rubin Papier Wealth Management purchased a new stake in Wipro in the third quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC acquired a new stake in Wipro in the third quarter worth about $81,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.