Wipro (NYSE:WIT) Upgraded at UBS Group

UBS Group upgraded shares of Wipro (NYSE:WIT) from a sell rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat reports.

A number of other analysts also recently issued reports on WIT. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Monday, December 30th. Finally, Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Price Performance

Shares of NYSE:WIT opened at $3.50 on Thursday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock’s fifty day simple moving average is $5.71 and its two-hundred day simple moving average is $6.07. Wipro has a 1-year low of $2.55 and a 1-year high of $3.75. The stock has a market cap of $36.58 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. As a group, analysts forecast that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Frank Rimerman Advisors LLC bought a new position in shares of Wipro during the second quarter valued at $531,000. Segall Bryant & Hamill LLC purchased a new stake in Wipro during the third quarter valued at $610,000. Allspring Global Investments Holdings LLC purchased a new stake in Wipro during the third quarter valued at $860,000. AQR Capital Management LLC increased its position in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after acquiring an additional 79,431 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Wipro by 207.4% during the third quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider’s stock valued at $1,116,000 after acquiring an additional 123,478 shares during the last quarter. 2.36% of the stock is 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.