Wipro (NYSE:WIT) Rating Increased 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 report published on Wednesday.

Several other research firms have also weighed in on WIT. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a research report on Tuesday, July 2nd. Nomura initiated coverage on Wipro in a research note on Tuesday, July 2nd. They set a buy rating for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has a consensus rating of Hold and a consensus target price of $5.60.

Wipro Stock Performance

Shares of NYSE:WIT opened at $6.47 on Wednesday. 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’s 50-day moving average price is $6.20 and its 200 day moving average price is $5.87. The company has a market cap of $33.77 billion, a PE ratio of 25.88, a P/E/G ratio of 4.49 and a beta of 0.90. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $7.01.

Wipro (NYSE:WIT) last released 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. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the business posted $0.06 earnings per share. Sell-side analysts anticipate that Wipro will post 0.27 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. Newport Capital Group LLC acquired a new position in shares of Wipro in the 2nd quarter valued at about $105,000. Creative Planning increased its stake in shares of Wipro by 26.8% in the second quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider’s stock worth $6,548,000 after acquiring an additional 226,915 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after acquiring an additional 2,267,995 shares in the last quarter. AQR Capital Management LLC boosted its position in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after purchasing an additional 79,431 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock valued at $5,009,000 after purchasing an additional 483,893 shares in the last quarter. Institutional investors and hedge funds 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.