Wipro (NYSE:WIT) Upgraded by StockNews.com to Buy Rating

Wipro (NYSE:WIT) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other research analysts also recently issued reports on WIT. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Three analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.60.

Wipro Stock Down 3.0 %

Wipro stock traded down $0.11 during mid-day trading on Monday, reaching $3.54. 2,203,938 shares of the company were exchanged, compared to its average volume of 4,981,887. 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 firm has a market cap of $37.00 billion, a P/E ratio of 26.22, a PEG ratio of 4.92 and a beta of 0.92. The business has a fifty day moving average of $5.95 and a 200 day moving average of $6.14. Wipro has a 12-month low of $2.55 and a 12-month high of $3.75.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Research analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Several large investors have recently bought and sold shares of WIT. GAMMA Investing LLC raised its holdings in shares of Wipro by 37.8% in 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 during the last quarter. Mayflower Financial Advisors LLC acquired a new stake in Wipro during the 2nd quarter worth about $64,000. Abacus Wealth Partners LLC purchased a new stake in Wipro during the 3rd quarter valued at about $71,000. Werba Rubin Papier Wealth Management acquired a new position in shares of Wipro in the third quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in shares of Wipro in the third quarter worth 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.