StockNews.com Upgrades Wipro (NYSE:WIT) to Buy

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

A number of other equities research analysts also recently weighed in on WIT. Jefferies Financial Group downgraded Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Wipro Price Performance

Shares of NYSE WIT opened at $2.85 on Friday. Wipro has a twelve month low of $2.55 and a twelve month high of $3.79. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $29.80 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. The business has a 50 day simple moving average of $3.04 and a 200-day simple moving average of $4.35.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $225.66 billion. As a group, equities research analysts expect that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Perigon Wealth Management LLC bought a new position in Wipro during the 4th quarter worth $61,000. HighTower Advisors LLC boosted its position in Wipro by 292.0% during the 4th quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider’s stock worth $221,000 after acquiring an additional 46,432 shares during the period. Tobam acquired a new position in Wipro during the 4th quarter worth $261,000. Van ECK Associates Corp boosted its position in Wipro by 89.8% during the 4th quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider’s stock worth $1,235,000 after acquiring an additional 165,076 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Wipro by 93.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,589 shares of the information technology services provider’s stock worth $307,000 after acquiring an additional 41,766 shares during the period. 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.