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

Wipro (NYSE:WIT) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other brokerages have also recently issued reports on WIT. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Finally, Investec lowered Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wipro presently has a consensus rating of “Moderate Buy”.

Wipro Trading Up 4.1 %

Wipro stock traded up $0.14 during trading on Monday, hitting $3.44. The company had a trading volume of 7,783,365 shares, compared to its average volume of 2,860,407. 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 company’s 50 day simple moving average is $5.07 and its 200-day simple moving average is $5.89. Wipro has a 1-year low of $2.55 and a 1-year high of $3.75. The stock has a market cap of $35.90 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 4.55 and a beta of 0.91.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WIT. State Street Corp boosted its stake in Wipro by 0.8% during the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after purchasing an additional 87,682 shares during the period. Millennium Management LLC lifted its position in shares of Wipro by 67.6% during the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after acquiring an additional 2,267,995 shares during the period. Fisher Asset Management LLC boosted its position in Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after acquiring an additional 867,516 shares during the last quarter. Finally, Creative Planning increased its holdings in Wipro by 24.6% during the 3rd quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after acquiring an additional 263,925 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other 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.