Wipro (NYSE:WIT) Rating Increased to Buy at StockNews.com

Wipro (NYSE:WIT) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

A number of other research firms also recently commented on WIT. Nomura initiated coverage on Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Nomura Securities upgraded Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Price Performance

NYSE:WIT opened at $6.50 on Wednesday. The firm has a market cap of $33.92 billion, a price-to-earnings ratio of 26.00, a price-to-earnings-growth ratio of 4.34 and a beta of 0.90. Wipro has a 12-month low of $4.48 and a 12-month high of $7.01. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average is $6.21 and its two-hundred day moving average is $5.86.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 15.01% and a net margin of 12.57%. During the same period in the previous year, the firm posted $0.06 EPS. Research analysts expect that Wipro will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Wipro

A number of institutional investors have recently modified their holdings of WIT. GAMMA Investing LLC lifted its stake in Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Wipro in the 1st quarter worth about $60,000. Mayflower Financial Advisors LLC acquired a new position in shares of Wipro in the 2nd quarter valued at about $64,000. Atomi Financial Group Inc. grew its position in shares of Wipro by 29.4% during the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock valued at $77,000 after buying an additional 3,023 shares during the last quarter. Finally, Advisors Preferred LLC acquired a new stake in Wipro during the first quarter worth about $79,000. Institutional investors and hedge funds 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.