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

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

Several other equities analysts also recently commented on the stock. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Performance

Wipro stock opened at $3.54 on Monday. The stock has a 50-day simple moving average of $5.89 and a 200 day simple moving average of $6.12. The stock has a market capitalization of $37.00 billion, a P/E ratio of 26.22, a PEG ratio of 4.92 and a beta of 0.92. 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 $2.55 and a 52 week high of $3.75.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Analysts expect that Wipro will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

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