Wipro (NYSE:WIT) Rating Lowered to Hold at StockNews.com

Wipro (NYSE:WIT) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Several other analysts have also recently commented on WIT. Nomura initiated coverage on shares of Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, Nomura Securities raised Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

Shares of NYSE WIT opened at $6.59 on Monday. The firm has a market capitalization of $34.43 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 4.61 and a beta of 0.90. Wipro has a one year low of $4.48 and a one year high of $7.01. The business has a fifty day simple moving average of $6.36 and a 200 day simple moving average of $5.96. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. GAMMA Investing LLC boosted its position 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 period. Oppenheimer & Co. Inc. bought a new position in Wipro in the 1st quarter valued at about $60,000. Mayflower Financial Advisors LLC acquired a new stake in Wipro during the second quarter worth approximately $64,000. Abacus Wealth Partners LLC bought a new stake in shares of Wipro during the third quarter worth approximately $71,000. Finally, Werba Rubin Papier Wealth Management acquired a new position in shares of Wipro in the third quarter valued at approximately $71,000. 2.36% of the stock is currently owned by 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.