Wipro (NYSE:WIT) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a report issued on Wednesday morning.

Several other research analysts also recently issued reports on the company. BNP Paribas began coverage on Wipro in a research note on Wednesday, January 17th. They set an underperform rating and a $5.20 price target for the company. Wedbush lifted their price target on Wipro from $4.00 to $6.00 and gave the stock an underperform rating in a research note on Tuesday, January 16th. Finally, TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the stock. Based on data from MarketBeat, Wipro currently has a consensus rating of Reduce and an average price target of $5.05.

Wipro Trading Up 0.4 %

NYSE:WIT opened at $5.46 on Wednesday. The company has a market capitalization of $28.49 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 2.18 and a beta of 0.87. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. Wipro has a 52-week low of $4.48 and a 52-week high of $6.45. The stock has a fifty day simple moving average of $5.84 and a 200-day simple moving average of $5.42.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC grew its holdings in Wipro by 24.2% in the 3rd quarter. CWM LLC now owns 15,335 shares of the information technology services provider’s stock valued at $74,000 after buying an additional 2,987 shares during the period. Ballentine Partners LLC grew its holdings in Wipro by 26.1% in the 3rd quarter. Ballentine Partners LLC now owns 127,028 shares of the information technology services provider’s stock valued at $615,000 after buying an additional 26,328 shares during the period. Clarius Group LLC purchased a new stake in Wipro in the 3rd quarter valued at about $69,000. Lester Murray Antman dba SimplyRich grew its holdings in Wipro by 76.8% in the 3rd quarter. Lester Murray Antman dba SimplyRich now owns 151,687 shares of the information technology services provider’s stock valued at $734,000 after buying an additional 65,868 shares during the period. Finally, PDS Planning Inc grew its holdings in Wipro by 6.5% in the 3rd quarter. PDS Planning Inc now owns 79,171 shares of the information technology services provider’s stock valued at $383,000 after buying an additional 4,809 shares during the period. 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 three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.