Wipro (NYSE:WIT) Upgraded by Morgan Stanley to “Equal Weight” Rating

Morgan Stanley upgraded shares of Wipro (NYSE:WIT) from an underweight rating to an equal weight rating in a report released on Friday morning, Marketbeat Ratings reports.

Several other research analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Wipro from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Jefferies Financial Group lowered shares of Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold”.

Wipro Price Performance

NYSE:WIT opened at $2.98 on Friday. The firm has a market cap of $31.12 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 8.59 and a beta of 1.02. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average is $2.89 and its two-hundred day moving average is $3.35. Wipro has a 12-month low of $2.63 and a 12-month high of $3.79.

Wipro (NYSE:WIT) last released its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $225.66 billion. Wipro had a net margin of 14.73% and a return on equity of 15.97%. Research analysts expect that Wipro will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Large investors have recently bought and sold shares of the company. HighTower Advisors LLC grew its position in shares of Wipro by 292.0% during the fourth quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider’s stock worth $221,000 after buying an additional 46,432 shares in the last quarter. Barclays PLC acquired a new stake in shares of Wipro during the fourth quarter worth approximately $461,000. Northern Trust Corp grew its position in shares of Wipro by 172.8% during the fourth quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider’s stock worth $9,484,000 after buying an additional 1,697,118 shares in the last quarter. Legal & General Group Plc grew its position in shares of Wipro by 100.0% during the fourth quarter. Legal & General Group Plc now owns 106,088 shares of the information technology services provider’s stock worth $375,000 after buying an additional 53,044 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Wipro by 89.8% during the fourth quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider’s stock worth $1,235,000 after buying an additional 165,076 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

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.