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

Wipro (NYSE:WIT) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Separately, Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

Shares of WIT opened at $7.09 on Wednesday. The firm has a 50-day moving average of $6.67 and a 200-day moving average of $6.25. Wipro has a one year low of $4.78 and a one year high of $7.12. The company has a market cap of $37.05 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 4.77 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’s stock is going to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. As a group, equities analysts forecast that Wipro will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WIT. Franklin Resources Inc. raised its position 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 worth $233,000 after buying an additional 2,951 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Wipro in the 3rd quarter worth approximately $696,000. XTX Topco Ltd purchased a new stake in shares of Wipro during the 3rd quarter valued at about $347,000. State Street Corp increased its stake in 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 worth $70,157,000 after acquiring an additional 87,682 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new position in shares of Wipro during the third quarter valued at approximately $702,000. 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 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.