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 Monday morning.

Several other equities research analysts also recently weighed in on the stock. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wipro presently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

NYSE:WIT opened at $3.54 on Monday. Wipro has a fifty-two week low of $2.55 and a fifty-two week high of $3.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The company has a 50 day moving average price of $5.83 and a 200 day moving average price of $6.11. The stock has a market capitalization of $37.00 billion, a P/E ratio of 26.22, a PEG ratio of 4.92 and a beta of 0.92.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. Equities research analysts forecast that Wipro will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in Wipro by 37.8% during the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after buying an additional 2,426 shares in the last quarter. Mayflower Financial Advisors LLC purchased a new stake in shares of Wipro during the 2nd quarter worth approximately $64,000. Abacus Wealth Partners LLC acquired a new stake in shares of Wipro in the 3rd quarter worth approximately $71,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro in the 3rd quarter valued at approximately $71,000. Finally, Catalytic Wealth RIA LLC acquired a new position in Wipro during the third quarter worth $81,000. 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.