Wipro (NYSE:WIT) Upgraded by UBS Group to Neutral Rating

UBS Group upgraded shares of Wipro (NYSE:WIT) from a sell rating to a neutral rating in a research report released on Thursday morning, Marketbeat Ratings reports.

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

Wipro Stock Up 0.8 %

Shares of WIT opened at $3.57 on Thursday. Wipro has a 1 year low of $2.55 and a 1 year high of $3.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a 50 day simple moving average of $5.77 and a two-hundred day simple moving average of $6.09. The firm has a market cap of $37.31 billion, a P/E ratio of 26.44, a P/E/G ratio of 4.92 and a beta of 0.92.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. On average, analysts forecast that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Wipro by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares during the period. Van ECK Associates Corp increased its position in Wipro by 38.8% during the second quarter. Van ECK Associates Corp now owns 196,752 shares of the information technology services provider’s stock valued at $1,200,000 after acquiring an additional 55,048 shares during the last quarter. Mayflower Financial Advisors LLC purchased a new stake in Wipro during the second quarter valued at $64,000. Victory Capital Management Inc. bought a new position in Wipro in the second quarter valued at about $923,000. Finally, Candriam S.C.A. boosted its position in Wipro by 43.6% in the second quarter. Candriam S.C.A. now owns 870,000 shares of the information technology services provider’s stock worth $5,307,000 after purchasing an additional 264,000 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.