Wipro (NYSE:WIT) Lifted to Buy at StockNews.com

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

Several other analysts also recently commented on the stock. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Nomura started coverage on Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Down 0.6 %

NYSE:WIT opened at $6.21 on Tuesday. Wipro has a 1-year low of $4.48 and a 1-year high of $7.01. The company has a market capitalization of $32.44 billion, a PE ratio of 24.84, a P/E/G ratio of 4.26 and a beta of 0.90. The firm’s 50-day moving average price is $6.20 and its 200-day moving average price is $5.85. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the company earned $0.06 earnings per share. On average, equities analysts predict that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WIT. QRG Capital Management Inc. boosted its holdings in Wipro by 6.9% in the second 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 lifted 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 buying an additional 1,692 shares during the period. GAMMA Investing LLC boosted its stake in shares of Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after buying an additional 1,858 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its holdings in shares of Wipro by 2.7% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 78,573 shares of the information technology services provider’s stock worth $452,000 after acquiring an additional 2,101 shares during the period. Finally, Bank of New York Mellon Corp increased its position 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 last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.