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 note released on Wednesday.

Other equities analysts also recently issued research reports about the company. Nomura Securities upgraded Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Nomura initiated coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a buy rating on the stock. Two equities 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’s stock. According to MarketBeat.com, Wipro currently has an average rating of Hold and a consensus target price of $5.60.

Wipro Stock Performance

Shares of NYSE:WIT opened at $6.47 on Wednesday. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $33.77 billion, a PE ratio of 25.88, a P/E/G ratio of 4.49 and a beta of 0.90. Wipro has a 1 year low of $4.48 and a 1 year high of $7.01. The firm has a fifty day moving average price of $6.20 and a 200 day moving average price of $5.87.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the company posted $0.06 EPS. Analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in WIT. BNP Paribas Financial Markets grew its holdings in shares of Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares in the last quarter. Millennium Management LLC lifted its position in Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after purchasing an additional 2,267,995 shares during the period. Fisher Asset Management LLC boosted its stake in Wipro by 3.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock worth $12,884,000 after buying an additional 84,519 shares in the last quarter. Wellington Management Group LLP increased its holdings in Wipro by 44.0% in the 4th 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 period. Finally, Russell Investments Group Ltd. raised its stake in shares of Wipro by 6,295.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock valued at $10,260,000 after buying an additional 1,771,854 shares in the last quarter. 2.36% of the stock is currently owned by 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.