Wipro (NYSE:WIT) Upgraded at UBS Group

Wipro (NYSE:WIT) was upgraded by investment analysts at UBS Group from a “sell” rating to a “neutral” rating in a research report issued on Thursday,Briefing.com Automated Import reports.

Other research analysts have also issued reports about the company. Investec lowered Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Monday. Finally, HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.60.

Wipro Price Performance

Shares of Wipro stock traded up $0.05 during mid-day trading on Thursday, reaching $3.59. 263,519 shares of the stock were exchanged, compared to its average volume of 4,970,479. The company has a market cap of $37.52 billion, a price-to-earnings ratio of 26.59, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. Wipro has a fifty-two week low of $2.55 and a fifty-two week high of $3.75. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $5.83 and a 200 day simple moving average of $6.11.

Wipro (NYSE:WIT) last released its quarterly 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 analysts’ expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, sell-side analysts predict that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

A number of hedge funds and other institutional investors have recently modified their holdings of WIT. State Street Corp boosted its position in Wipro by 0.8% during the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of 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 last quarter. Fisher Asset Management LLC grew its stake in shares of Wipro by 72.2% in the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after buying an additional 1,593,619 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Wipro by 116.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after buying an additional 867,516 shares in the last quarter. Finally, Creative Planning increased its holdings in Wipro by 24.6% during the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock worth $8,666,000 after buying an additional 263,925 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.