StockNews.com Lowers Wipro (NYSE:WIT) to Hold

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report report published on Wednesday morning.

Several other equities analysts have also weighed in on the stock. Wedbush lifted their target price on shares of Wipro from $4.00 to $6.00 and gave the company an underperform rating in a report on Tuesday, January 16th. BNP Paribas assumed coverage on shares of Wipro in a research report on Wednesday, January 17th. They set an underperform rating and a $5.20 price target on the stock. Finally, TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research report on Friday, January 12th. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. Based on data from MarketBeat, Wipro currently has a consensus rating of Reduce and a consensus target price of $5.05.

Wipro Stock Performance

NYSE:WIT opened at $5.46 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $28.46 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 2.19 and a beta of 0.87. The firm’s fifty day simple moving average is $5.84 and its 200 day simple moving average is $5.42. Wipro has a twelve month low of $4.48 and a twelve month high of $6.45.

Institutional Investors Weigh In On Wipro

Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG raised its stake in Wipro by 25.8% during the third quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock worth $9,238,000 after acquiring an additional 390,947 shares during the period. Vanguard Group Inc. raised its stake in Wipro by 4.6% during the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after acquiring an additional 553,433 shares during the period. Rhumbline Advisers raised its stake in Wipro by 4.7% during the third quarter. Rhumbline Advisers now owns 1,930,460 shares of the information technology services provider’s stock worth $9,343,000 after acquiring an additional 86,226 shares during the period. Blue Trust Inc. raised its stake in Wipro by 63.1% during the fourth quarter. Blue Trust Inc. now owns 22,312 shares of the information technology services provider’s stock worth $124,000 after acquiring an additional 8,634 shares during the period. Finally, Barclays PLC increased its stake in shares of Wipro by 2,845,900.0% in the third quarter. Barclays PLC now owns 369,980 shares of the information technology services provider’s stock valued at $1,790,000 after purchasing an additional 369,967 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.