StockNews.com Upgrades Wipro (NYSE:WIT) to “Buy”

Wipro (NYSE:WIT) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

WIT has been the subject of a number of other research reports. Nomura Securities upgraded Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Nomura initiated coverage on Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Stock Performance

Shares of NYSE WIT opened at $6.47 on Friday. Wipro has a 12 month low of $4.48 and a 12 month high of $7.01. The stock has a 50 day moving average of $6.19 and a 200-day moving average of $5.88. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $33.80 billion, a P/E ratio of 25.88, a P/E/G ratio of 4.41 and a beta of 0.90.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The firm 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 previous year, the company earned $0.06 earnings per share. As a group, equities research analysts predict that Wipro will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in shares of Wipro by 65.5% in the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares during the period. Millennium Management LLC increased its holdings in Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the period. Fisher Asset Management LLC raised its position in shares of Wipro by 3.8% in the 4th quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock valued at $12,884,000 after buying an additional 84,519 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Wipro by 44.0% during the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after acquiring an additional 570,001 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Wipro by 6,295.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after acquiring an additional 1,771,854 shares in the last quarter. 2.36% of the stock is owned by institutional investors.

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.