StockNews.com Upgrades Wipro (NYSE:WIT) to Buy

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

A number of other equities research analysts have also recently commented on WIT. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Trading Down 3.0 %

NYSE:WIT opened at $3.54 on Monday. Wipro has a one year low of $2.55 and a one year high of $3.75. The business has a fifty day moving average price of $5.95 and a 200-day moving average price of $6.14. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $2.66 billion. Sell-side analysts forecast that Wipro will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. DGS Capital Management LLC lifted its holdings in shares of Wipro by 4.5% in the third quarter. DGS Capital Management LLC now owns 195,441 shares of the information technology services provider’s stock worth $1,266,000 after buying an additional 8,360 shares in the last quarter. Franklin Resources Inc. increased its holdings in Wipro by 9.1% in the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after acquiring an additional 2,951 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Wipro in the 3rd quarter worth $696,000. XTX Topco Ltd bought a new position in shares of Wipro during the 3rd quarter valued at about $347,000. Finally, State Street Corp grew its position in shares of Wipro by 0.8% during the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 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.