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 report report published on Wednesday morning.

Separately, Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.60.

Wipro Price Performance

Shares of WIT opened at $6.98 on Wednesday. Wipro has a twelve month low of $4.91 and a twelve month high of $7.28. The company has a market capitalization of $36.45 billion, a P/E ratio of 25.85, a price-to-earnings-growth ratio of 4.81 and a beta of 0.92. The firm has a 50 day moving average of $6.70 and a 200 day moving average of $6.26. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08.

Shares of Wipro are scheduled to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be distributed to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. As a group, equities research analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Wipro by 37.8% during the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after acquiring an additional 2,426 shares during the period. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the 2nd quarter valued at about $64,000. Abacus Wealth Partners LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $71,000. Werba Rubin Papier Wealth Management purchased a new stake in shares of Wipro in the third quarter worth $71,000. Finally, Catalytic Wealth RIA LLC bought a new stake in Wipro during the third quarter valued at about $81,000. Hedge funds and other 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.