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

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a report published on Thursday morning.

Other equities research analysts have also issued reports about the company. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Trading Up 0.7 %

Shares of WIT opened at $3.65 on Thursday. The firm’s fifty day moving average is $6.62 and its two-hundred day moving average is $6.27. The stock has a market cap of $38.09 billion, a PE ratio of 27.00, a price-to-earnings-growth ratio of 4.89 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 52-week low of $2.48 and a 52-week high of $3.75.

Wipro (NYSE:WIT) last posted its quarterly earnings results 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. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. Research analysts forecast that Wipro will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

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