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.

A number of other research analysts have also recently issued reports on the stock. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Nomura started coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a buy rating for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wipro presently has a consensus rating of Hold and a consensus price target of $5.60.

Wipro Stock Down 0.2 %

Shares of NYSE:WIT opened at $6.46 on Wednesday. Wipro has a one year low of $4.48 and a one year high of $7.01. The company has a 50 day moving average of $6.20 and a 200-day moving average of $5.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. The stock has a market cap of $33.72 billion, a price-to-earnings ratio of 25.84, a P/E/G ratio of 4.49 and a beta of 0.90.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 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 during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the company earned $0.06 EPS. On average, sell-side analysts forecast that Wipro will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Team Hewins LLC acquired a new position in shares of Wipro in the fourth quarter valued at approximately $168,000. Sepio Capital LP acquired a new position in shares of Wipro in the fourth quarter valued at approximately $124,000. Capstone Investment Advisors LLC acquired a new position in shares of Wipro in the fourth quarter valued at approximately $585,000. Angeles Investment Advisors LLC boosted its holdings in shares of Wipro by 9.7% in the fourth quarter. Angeles Investment Advisors LLC now owns 56,260 shares of the information technology services provider’s stock valued at $313,000 after buying an additional 4,991 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in shares of Wipro in the fourth quarter valued at approximately $353,000. 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 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.