Wipro (NYSE:WIT) Stock Rating Lowered by StockNews.com

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

Several other research analysts also recently issued reports on WIT. Nomura initiated coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Trading Down 0.3 %

Shares of WIT stock opened at $6.59 on Monday. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $7.01. The stock’s fifty day moving average price is $6.36 and its two-hundred day moving average price is $5.96. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. The company has a market cap of $34.43 billion, a PE ratio of 24.41, a P/E/G ratio of 4.61 and a beta of 0.90.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Wipro by 44.0% during the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock valued at $10,396,000 after buying an additional 570,001 shares during the last quarter. GAMMA Investing LLC increased its holdings in Wipro by 47.2% during the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares in the last quarter. DGS Capital Management LLC raised its stake in shares of Wipro by 10.1% in the first quarter. DGS Capital Management LLC now owns 154,646 shares of the information technology services provider’s stock worth $889,000 after purchasing an additional 14,155 shares during the last quarter. Janiczek Wealth Management LLC lifted its holdings in shares of Wipro by 9.7% in the first quarter. Janiczek Wealth Management LLC now owns 115,949 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 10,242 shares in the last quarter. Finally, First Trust Direct Indexing L.P. boosted its position in shares of Wipro by 8.8% during the first quarter. First Trust Direct Indexing L.P. now owns 227,969 shares of the information technology services provider’s stock valued at $1,311,000 after buying an additional 18,374 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

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.