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

Wipro (NYSE:WIT) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

WIT has been the topic of a number of other research reports. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has an average rating of “Moderate Buy”.

Wipro Stock Up 4.1 %

WIT traded up $0.14 during trading on Monday, hitting $3.44. The stock had a trading volume of 7,783,365 shares, compared to its average volume of 2,860,407. The stock has a 50 day simple moving average of $5.07 and a two-hundred day simple moving average of $5.89. The company has a market capitalization of $35.90 billion, a PE ratio of 25.44, a PEG ratio of 4.55 and a beta of 0.91. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. Wipro has a twelve month low of $2.55 and a twelve month high of $3.75.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The business had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. On average, research analysts predict that Wipro will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

A number of large investors have recently modified their holdings of the business. Ridgewood Investments LLC boosted its holdings in shares of Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 3,557 shares during the last quarter. Fulton Bank N.A. acquired a new position in Wipro during the fourth quarter worth $44,000. Fragasso Financial Advisors Inc purchased a new stake in Wipro in the 4th quarter valued at $47,000. GAMMA Investing LLC increased its stake in shares of Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after acquiring an additional 2,426 shares during the last quarter. Finally, Aaron Wealth Advisors LLC purchased a new position in shares of Wipro during the 4th quarter worth $63,000. Hedge funds and other institutional investors 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.