Wipro (NYSE:WIT) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report report published on Monday morning.

Other research analysts also recently issued reports about the stock. Nomura assumed coverage on shares of Wipro in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, Nomura Securities raised Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

WIT opened at $6.61 on Monday. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro has a 12-month low of $4.48 and a 12-month high of $7.01. The firm has a 50 day moving average of $6.38 and a two-hundred day moving average of $5.96. The firm has a market capitalization of $34.50 billion, a PE ratio of 26.44, a P/E/G ratio of 4.61 and a beta of 0.90.

Institutional Investors Weigh In On Wipro

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in Wipro by 44.0% in the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock valued at $10,396,000 after purchasing an additional 570,001 shares in the last quarter. Jane Street Group LLC boosted its position in Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in Wipro by 165.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 277,964 shares of the information technology services provider’s stock valued at $1,598,000 after acquiring an additional 173,072 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in Wipro in the 2nd quarter valued at about $531,000. Finally, BNP Paribas Financial Markets lifted its stake in Wipro by 65.5% in the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares in the last quarter. 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.