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

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

Several other research firms have also recently issued reports on WIT. Nomura started coverage on Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. Nomura Securities raised Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three research 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 company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.60.

Wipro Price Performance

WIT opened at $6.74 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. Wipro has a 52-week low of $4.49 and a 52-week high of $7.01. The stock has a market capitalization of $35.21 billion, a PE ratio of 24.96, a price-to-earnings-growth ratio of 4.43 and a beta of 0.90. The stock’s 50 day moving average price is $6.43 and its 200-day moving average price is $6.00.

Institutional Investors Weigh In On Wipro

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC grew its stake in Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after purchasing an additional 1,001,644 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Wipro by 165.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 277,964 shares of the information technology services provider’s stock worth $1,598,000 after acquiring an additional 173,072 shares in the last quarter. Frank Rimerman Advisors LLC bought a new stake in Wipro in the second quarter worth $531,000. BNP Paribas Financial Markets boosted its holdings in 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 acquiring an additional 2,437,802 shares in the last quarter. Finally, CWM LLC boosted its holdings in Wipro by 11.8% in the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock worth $126,000 after acquiring an additional 2,178 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.