Wipro (NYSE:WIT) Receives New Coverage from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Wipro (NYSE:WIT – Get Rating) in a research note issued to investors on Tuesday morning, Briefing.com reports. The brokerage issued an underweight rating and a $4.30 target price on the information technology services provider’s stock.

A number of other research analysts also recently commented on the company. Sanford C. Bernstein downgraded Wipro from a market perform rating to an underperform rating and lowered their target price for the company from $5.10 to $3.90 in a research report on Wednesday, March 22nd. StockNews.com assumed coverage on shares of Wipro in a report on Thursday, May 18th. They issued a hold rating on the stock. Seven equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $4.44.

Wipro Trading Down 1.5 %

Shares of WIT stock opened at $4.71 on Tuesday. Wipro has a 12-month low of $4.32 and a 12-month high of $6.18. The company has a current ratio of 2.47, a quick ratio of 2.46 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average price is $4.54 and its 200-day moving average price is $4.73. The stock has a market capitalization of $25.80 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 1.89 and a beta of 0.83.

Institutional Trading of Wipro

Several hedge funds have recently modified their holdings of WIT. BlackRock Inc. raised its stake in Wipro by 26.5% in the first quarter. BlackRock Inc. now owns 23,652,224 shares of the information technology services provider’s stock valued at $106,198,000 after buying an additional 4,951,534 shares during the last quarter. Morgan Stanley grew its position in Wipro by 23.5% during the 4th quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider’s stock worth $64,108,000 after purchasing an additional 2,621,127 shares during the last quarter. SG Americas Securities LLC grew its position in Wipro by 305.5% during the 4th quarter. SG Americas Securities LLC now owns 11,770,412 shares of the information technology services provider’s stock worth $54,850,000 after purchasing an additional 8,867,435 shares during the last quarter. State Street Corp grew its position in Wipro by 1.3% during the 1st quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider’s stock worth $79,953,000 after purchasing an additional 134,870 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Wipro by 29.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,657,490 shares of the information technology services provider’s stock worth $66,749,000 after purchasing an additional 1,962,931 shares during the last quarter. 2.12% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

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Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the following segments: Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.