Wipro (NYSE:WIT) Rating Increased to Buy at StockNews.com

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

Several other equities analysts also recently weighed in on WIT. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Nomura began coverage on Wipro in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.60.

Wipro Stock Up 2.2 %

Shares of WIT opened at $6.60 on Friday. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The firm has a market cap of $34.48 billion, a P/E ratio of 26.40, a PEG ratio of 4.41 and a beta of 0.90. The stock’s 50 day moving average is $6.19 and its two-hundred day moving average is $5.88. Wipro has a 12 month low of $4.48 and a 12 month high of $7.01.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. Wipro had a net margin of 12.57% and a return on equity of 15.01%. During the same quarter in the previous year, the firm earned $0.06 EPS. Analysts predict that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Newport Capital Group LLC purchased a new stake in shares of Wipro in the second quarter valued at about $105,000. Creative Planning increased its holdings in shares of Wipro by 26.8% during the 2nd quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider’s stock worth $6,548,000 after buying an additional 226,915 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Wipro by 67.6% during the 2nd 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 last quarter. AQR Capital Management LLC lifted its holdings in Wipro by 12.9% in the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after acquiring an additional 79,431 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock worth $5,009,000 after acquiring an additional 483,893 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.