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

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research report sent to investors on Friday.

WIT has been the topic of several other research reports. Nomura assumed coverage on Wipro in a research note on Tuesday, July 2nd. They issued a buy rating on the stock. Nomura Securities upgraded Wipro to a strong-buy rating in a research note on Tuesday, July 2nd. Two research 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 stock. Based on data from MarketBeat, Wipro currently has a consensus rating of Hold and a consensus price target of $5.60.

Wipro Stock Up 0.2 %

NYSE:WIT opened at $6.48 on Friday. The firm has a market capitalization of $33.82 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 4.41 and a beta of 0.90. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro has a twelve month low of $4.48 and a twelve month high of $7.01. The stock’s 50 day moving average price is $6.20 and its two-hundred day moving average price is $5.88.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Friday, July 19th. 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 $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. Wipro had a net margin of 12.57% and a return on equity of 15.01%. During the same period in the prior year, the firm posted $0.06 earnings per share. Equities research analysts expect that Wipro will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 1,858 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Wipro in the 1st quarter valued at about $60,000. Mayflower Financial Advisors LLC acquired a new position in shares of Wipro during the 2nd quarter worth approximately $64,000. Atomi Financial Group Inc. increased its holdings in shares of Wipro by 29.4% during the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after purchasing an additional 3,023 shares during the period. Finally, Advisors Preferred LLC acquired a new stake in shares of Wipro in the first quarter valued at approximately $79,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.