Wipro (NYSE:WIT) Upgraded 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 released on Tuesday.

A number of other brokerages also recently issued reports on WIT. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Nomura assumed coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wipro presently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

Shares of WIT opened at $6.50 on Tuesday. Wipro has a 52-week low of $4.49 and a 52-week high of $7.01. The stock’s 50-day simple moving average is $6.45 and its 200 day simple moving average is $6.01. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The stock has a market capitalization of $33.96 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 4.52 and a beta of 0.90.

Institutional Trading of Wipro

Several institutional investors and hedge funds have recently made changes to their positions in WIT. GAMMA Investing LLC grew its position in Wipro by 37.8% in the third 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 in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Wipro during the first quarter valued at about $60,000. Mayflower Financial Advisors LLC bought a new stake in Wipro during the second quarter worth about $64,000. Abacus Wealth Partners LLC purchased a new position in shares of Wipro in the 3rd quarter worth about $71,000. Finally, Werba Rubin Papier Wealth Management bought a new position in shares of Wipro during the 3rd quarter valued at about $71,000. Hedge funds and other institutional investors 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 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.