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 note released on Tuesday.

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

Wipro Stock Up 2.7 %

NYSE WIT opened at $6.36 on Tuesday. Wipro has a 52 week low of $4.48 and a 52 week high of $7.01. The firm has a market capitalization of $33.19 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 4.26 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. The company has a fifty day moving average of $6.20 and a two-hundred day moving average of $5.86.

Wipro (NYSE:WIT) last issued 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. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate 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 EPS. On average, analysts predict that Wipro will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after buying an additional 1,858 shares during the period. Mayflower Financial Advisors LLC bought a new stake in shares of Wipro in the second quarter valued at about $64,000. Oppenheimer & Co. Inc. purchased a new stake in Wipro in the first quarter worth about $60,000. Atomi Financial Group Inc. grew its holdings in 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 worth $77,000 after acquiring an additional 3,023 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in Wipro during the 1st quarter valued at about $79,000. 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.