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 report issued on Tuesday.

Several other equities research analysts have also recently issued reports on the company. TheStreet upgraded Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Wedbush upped their target price on Wipro from $4.00 to $6.00 and gave the company an underperform rating in a research report on Tuesday, January 16th. Finally, BNP Paribas started coverage on Wipro in a research report on Wednesday, January 17th. They issued an underperform rating and a $5.20 price target on the stock. Four investment analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Reduce and a consensus target price of $5.05.

Wipro Stock Performance

NYSE WIT opened at $5.27 on Tuesday. The firm has a 50-day moving average price of $5.95 and a two-hundred day moving average price of $5.40. Wipro has a 12-month low of $4.32 and a 12-month high of $6.45. The company has a market capitalization of $27.47 billion, a P/E ratio of 21.06, a P/E/G ratio of 2.21 and a beta of 0.87. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG increased its stake in shares of Wipro by 25.8% in the 3rd 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 last quarter. Vanguard Group Inc. grew its position in Wipro by 4.6% in 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 last quarter. Rhumbline Advisers raised its stake 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 worth $9,343,000 after acquiring an additional 86,226 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Wipro by 63.1% in the fourth quarter. Blue Trust Inc. now owns 22,312 shares of the information technology services provider’s stock worth $124,000 after acquiring an additional 8,634 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Wipro by 2,845,900.0% in the 3rd quarter. Barclays PLC now owns 369,980 shares of the information technology services provider’s stock valued at $1,790,000 after purchasing an additional 369,967 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

Wipro Company Profile

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.