Wipro (NYSE:WIT) Downgraded to Hold at StockNews.com

Wipro (NYSE:WIT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

Several other brokerages have also issued reports on WIT. Wedbush lifted their price target on Wipro from $4.00 to $6.00 and gave the company an “underperform” rating in a research note on Tuesday, January 16th. TheStreet raised Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. Finally, BNP Paribas initiated coverage on Wipro in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 price objective on the stock. Four research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $5.05.

Wipro Price Performance

Shares of NYSE WIT opened at $5.51 on Wednesday. The firm has a market cap of $28.75 billion, a P/E ratio of 22.04, a price-to-earnings-growth ratio of 2.08 and a beta of 0.87. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. Wipro has a 1-year low of $4.47 and a 1-year high of $6.45. The business’s 50 day moving average is $5.89 and its 200-day moving average is $5.41.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC grew its position in Wipro by 50.1% in the 3rd quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock worth $32,837,000 after purchasing an additional 2,265,859 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Wipro by 112.7% during the 4th quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock valued at $20,734,000 after purchasing an additional 1,972,425 shares during the last quarter. Toroso Investments LLC bought a new position in shares of Wipro during the 3rd quarter valued at about $5,591,000. Wellington Management Group LLP raised its position in shares of Wipro by 44.0% during the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock valued at $10,396,000 after buying an additional 570,001 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Wipro by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock valued at $60,368,000 after buying an additional 553,433 shares in the last quarter. 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 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.