Wipro (NYSE:WIT) Upgraded by StockNews.com to “Buy”

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

Several other equities research analysts have also recently issued reports on WIT. Nomura Securities raised shares of Wipro to a strong-buy rating in a research note on Tuesday, July 2nd. Nomura assumed coverage on shares of Wipro in a research report on Tuesday, July 2nd. They issued a buy rating on the stock. Two research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $5.60.

Wipro Price Performance

Wipro stock opened at $6.56 on Tuesday. Wipro has a 12-month low of $4.48 and a 12-month high of $7.01. The stock has a market capitalization of $34.27 billion, a P/E ratio of 26.24, a P/E/G ratio of 4.22 and a beta of 0.90. The firm’s 50-day moving average is $6.20 and its two-hundred day moving average is $5.86. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70.

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 net margin of 12.57% and a return on equity of 15.01%. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the company earned $0.06 EPS. Equities analysts predict that Wipro will post 0.27 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its position in Wipro by 65.5% during the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock valued at $35,422,000 after buying an additional 2,437,802 shares in the last quarter. Millennium Management LLC lifted its position in Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Wipro by 6,295.2% during the first 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. Marshall Wace LLP acquired a new position in Wipro during the second quarter valued at approximately $7,994,000. Finally, Jane Street Group LLC lifted its position in Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after buying an additional 1,001,644 shares in the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

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.