Wipro (NYSE:WIT) Raised to “Outperform” at Macquarie

Wipro (NYSE:WITGet Rating) was upgraded by equities researchers at Macquarie from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday, Briefing.com reports.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group upgraded shares of Wipro from an “underperform” rating to a “hold” rating and reduced their price objective for the company from $8.55 to $7.70 in a research report on Friday, February 4th. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. Nomura downgraded shares of Wipro from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 25th. JPMorgan Chase & Co. downgraded shares of Wipro from a “neutral” rating to an “underweight” rating in a research report on Thursday, May 19th. Finally, Zacks Investment Research upgraded shares of Wipro from a “sell” rating to a “hold” rating in a research report on Saturday, May 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $9.35.

NYSE:WIT traded up $0.04 during mid-day trading on Wednesday, reaching $6.02. The stock had a trading volume of 363,061 shares, compared to its average volume of 3,057,483. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The firm has a market capitalization of $32.90 billion, a price-to-earnings ratio of 20.76, a PEG ratio of 2.22 and a beta of 0.85. Wipro has a twelve month low of $5.68 and a twelve month high of $9.96. The business has a 50 day simple moving average of $6.80 and a 200 day simple moving average of $7.77.

Wipro (NYSE:WITGet Rating) last announced its quarterly earnings data on Friday, April 29th. The information technology services provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.79 billion. Wipro had a net margin of 15.44% and a return on equity of 19.33%. As a group, sell-side analysts expect that Wipro will post 0.31 earnings per share for the current year.

Several institutional investors have recently modified their holdings of WIT. Liberty Wealth Management LLC raised its position in shares of Wipro by 489.0% during the 3rd quarter. Liberty Wealth Management LLC now owns 2,727 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 2,264 shares during the last quarter. 1832 Asset Management L.P. acquired a new position in shares of Wipro during the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC acquired a new position in shares of Wipro during the 4th quarter worth approximately $29,000. CWM LLC purchased a new stake in Wipro in the 4th quarter worth approximately $35,000. Finally, Glassman Wealth Services grew its stake in Wipro by 66.9% in the 4th quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 1,437 shares during the period. Hedge funds and other institutional investors own 2.30% of the company’s stock.

Wipro Company Profile (Get Rating)

Wipro Limited operates as 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 consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure, analytics, business process, research and development, and hardware and software design services to enterprises.

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