Wipro (NYSE:WIT) Upgraded at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research note released on Tuesday morning.

Other equities research analysts also recently issued reports about the stock. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a research note on Tuesday, July 2nd. Nomura started coverage on Wipro in a research report on Tuesday, July 2nd. They issued a buy rating for the company. Two equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $5.60.

Wipro Trading Up 2.7 %

Shares of NYSE WIT opened at $6.36 on Tuesday. Wipro has a 1-year low of $4.48 and a 1-year high of $7.01. The business has a fifty day moving average price of $6.20 and a 200 day moving average price of $5.86. The stock has a market capitalization of $33.19 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 4.26 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. 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 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

A number of large investors have recently made changes to their positions in WIT. Wellington Management Group LLP lifted its position in Wipro by 44.0% during the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after acquiring an additional 570,001 shares during the period. Jane Street Group LLC boosted its position in Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after buying an additional 1,001,644 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in Wipro by 165.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 277,964 shares of the information technology services provider’s stock valued at $1,598,000 after buying an additional 173,072 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Wipro by 112.7% in the 4th quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock worth $20,734,000 after buying an additional 1,972,425 shares during the period. Finally, CWM LLC raised its position in Wipro by 11.8% during the 2nd quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock worth $126,000 after buying an additional 2,178 shares during the last quarter. 2.36% of the stock is owned by hedge funds and other 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.