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 research note released on Monday morning.

A number of other research firms have also recently commented on WIT. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Investec downgraded 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, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Down 3.0 %

Shares of NYSE:WIT opened at $3.54 on Monday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $5.95 and a two-hundred day simple moving average of $6.14. Wipro has a 12-month low of $2.55 and a 12-month high of $3.75. The stock has a market capitalization of $37.00 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 4.92 and a beta of 0.92.

Wipro (NYSE:WIT) last posted 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. The firm had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. On average, research analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Wipro by 0.8% during the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after buying an additional 87,682 shares during the last quarter. Millennium Management LLC increased its position in Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after acquiring an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC increased its position in Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after acquiring an additional 1,593,619 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Wipro by 116.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after acquiring an additional 867,516 shares during the period. Finally, Creative Planning grew its stake in shares of Wipro by 24.6% during the 3rd quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after purchasing an additional 263,925 shares during the period. 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.