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 report issued on Wednesday.

Separately, Investec cut Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Wipro presently has a consensus rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Up 0.7 %

Shares of Wipro stock opened at $7.13 on Wednesday. The stock has a fifty day simple moving average of $6.68 and a 200 day simple moving average of $6.26. Wipro has a 12-month low of $4.78 and a 12-month high of $7.16. The company has a market capitalization of $37.26 billion, a P/E ratio of 26.41, a price-to-earnings-growth ratio of 4.77 and a beta of 0.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro shares are going to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be payable to shareholders after the closing bell on Tuesday, December 10th.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WIT. GAMMA Investing LLC lifted its position in shares of Wipro by 37.8% during the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after buying an additional 2,426 shares during the last quarter. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the 2nd quarter valued at $64,000. Abacus Wealth Partners LLC purchased a new position in shares of Wipro during the 3rd quarter valued at $71,000. Werba Rubin Papier Wealth Management purchased a new position in shares of Wipro during the 3rd quarter valued at $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in shares of Wipro during the 3rd quarter valued at $81,000. Hedge funds and other institutional investors 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.