Wipro (NYSE:WIT) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research note published on Friday morning.

Wipro Price Performance

Shares of WIT stock traded down $0.01 during trading hours on Friday, reaching $5.45. The stock had a trading volume of 2,740,594 shares, compared to its average volume of 2,541,104. Wipro has a 12 month low of $4.48 and a 12 month high of $6.45. The firm has a market capitalization of $28.44 billion, a PE ratio of 21.78, a PEG ratio of 3.76 and a beta of 0.86. The company has a current ratio of 2.58, a quick ratio of 2.28 and a debt-to-equity ratio of 0.08. The stock’s fifty day simple moving average is $5.53 and its 200 day simple moving average is $5.52.

Wipro (NYSE:WIT) last issued its earnings results on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.60% and a net margin of 12.29%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. On average, equities research analysts predict that Wipro will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Wipro by 112.7% during the fourth quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock worth $20,734,000 after purchasing an additional 1,972,425 shares during the last quarter. Deutsche Bank AG grew its position in shares of Wipro by 25.8% in the third quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock valued at $9,238,000 after purchasing an additional 390,947 shares during the period. Vanguard Group Inc. grew its position 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 valued at $60,368,000 after acquiring an additional 553,433 shares during the period. Rhumbline Advisers grew its position 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 valued at $9,343,000 after acquiring an additional 86,226 shares during the period. Finally, Blue Trust Inc. grew its position 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 valued at $124,000 after acquiring an additional 8,634 shares during the period. 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 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.