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 report released on Monday.

Several other research analysts have also recently weighed in on WIT. UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wipro currently has an average rating of “Moderate Buy”.

Wipro Price Performance

Shares of NYSE WIT opened at $3.44 on Monday. The company has a market capitalization of $35.90 billion, a PE ratio of 25.44, a P/E/G ratio of 4.55 and a beta of 0.91. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a twelve month low of $2.55 and a twelve month high of $3.75. The firm has a fifty day simple moving average of $5.07 and a 200 day simple moving average of $5.89.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after purchasing an additional 2,104 shares during the period. American Century Companies Inc. grew its stake in shares of Wipro by 5.4% in the second quarter. American Century Companies Inc. now owns 738,680 shares of the information technology services provider’s stock worth $4,506,000 after acquiring an additional 38,100 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Wipro by 38.3% during the second quarter. Dimensional Fund Advisors LP now owns 774,867 shares of the information technology services provider’s stock valued at $4,727,000 after acquiring an additional 214,712 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Wipro during the 2nd quarter valued at about $737,000. Finally, Frank Rimerman Advisors LLC bought a new stake in Wipro during the 2nd quarter valued at about $531,000. 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.