Wipro (NYSE:WIT) Shares Gap Up to $5.87

Wipro Limited (NYSE:WIT) gapped up prior to trading on Thursday . The stock had previously closed at $5.87, but opened at $6.00. Wipro shares last traded at $6.03, with a volume of 401,229 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.30.

Wipro Trading Up 1.4 %

The stock has a market capitalization of $31.86 billion, a price-to-earnings ratio of 24.42, a P/E/G ratio of 4.14 and a beta of 0.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.57 and a current ratio of 2.58. The firm has a fifty day moving average of $5.51 and a 200-day moving average of $5.67.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 12.29% and a return on equity of 15.60%. As a group, equities analysts predict that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Wipro by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock valued at $60,368,000 after buying an additional 553,433 shares during the last quarter. BNP Paribas Financial Markets boosted its position 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 valued at $35,422,000 after buying an additional 2,437,802 shares during the last quarter. Fisher Asset Management LLC boosted its position in Wipro by 3.8% in the 4th quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock valued at $12,884,000 after buying an additional 84,519 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Wipro by 25.8% during the third quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock worth $9,238,000 after purchasing an additional 390,947 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in Wipro by 44.0% in the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after purchasing an additional 570,001 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.