Wipro (NYSE:WIT) Rating Increased to Hold at HSBC

Wipro (NYSE:WIT) was upgraded by investment analysts at HSBC from a “reduce” rating to a “hold” rating in a report released on Monday,Briefing.com Automated Import reports.

Several other equities research analysts have also weighed in on the company. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wipro presently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Up 3.4 %

Shares of Wipro stock traded up $0.24 during trading hours on Monday, reaching $7.22. The stock had a trading volume of 780,486 shares, compared to its average volume of 2,522,531. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 1 year low of $4.91 and a 1 year high of $7.29. The firm has a market capitalization of $37.73 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 4.72 and a beta of 0.92. The firm has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $6.29.

Wipro’s stock is set to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be payable to shareholders after the market closes on Tuesday, December 10th.

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

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently bought and sold shares of WIT. QRG Capital Management Inc. increased its stake in shares of Wipro by 6.9% during the 2nd quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock worth $158,000 after purchasing an additional 1,665 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of Wipro by 13.6% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after acquiring an additional 1,692 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of Wipro by 4.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock valued at $242,000 after acquiring an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after acquiring an additional 2,104 shares during the period. Finally, CWM LLC boosted its position in shares of Wipro by 11.8% in the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after acquiring an additional 2,178 shares during the period. 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.