Wipro (NYSE:WIT) Upgraded to “Hold” at ValuEngine

ValuEngine upgraded shares of Wipro (NYSE:WIT) from a sell rating to a hold rating in a report released on Tuesday morning, ValuEngine reports.

Several other research firms have also weighed in on WIT. Goldman Sachs Group lowered shares of Wipro from a neutral rating to a sell rating in a report on Wednesday, November 27th. Zacks Investment Research upgraded shares of Wipro from a hold rating to a buy rating and set a $4.25 target price for the company in a research note on Thursday, November 21st. Credit Suisse Group raised shares of Wipro from an underperform rating to a neutral rating in a report on Tuesday, October 15th. Finally, TheStreet lowered shares of Wipro from a b rating to a c+ rating in a research report on Tuesday, September 3rd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Wipro has a consensus rating of Hold and a consensus price target of $4.31.

Wipro stock opened at $3.61 on Tuesday. The firm has a market cap of $21.63 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.41 and a beta of 0.47. Wipro has a 52 week low of $3.51 and a 52 week high of $4.63. The business’s 50-day moving average price is $3.81 and its 200 day moving average price is $4.00. The company has a quick ratio of 2.38, a current ratio of 2.40 and a debt-to-equity ratio of 0.04.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Tuesday, October 15th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.06. Wipro had a return on equity of 17.79% and a net margin of 16.58%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.15 billion. Equities analysts expect that Wipro will post 0.24 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. Millennium Management LLC increased its position in shares of Wipro by 27.9% in the third quarter. Millennium Management LLC now owns 1,077,562 shares of the information technology services provider’s stock valued at $3,933,000 after buying an additional 235,262 shares in the last quarter. Adalta Capital Management LLC purchased a new stake in Wipro in the 3rd quarter worth $292,000. Alps Advisors Inc. increased its holdings in Wipro by 22.9% in the 3rd quarter. Alps Advisors Inc. now owns 169,458 shares of the information technology services provider’s stock worth $619,000 after acquiring an additional 31,534 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Wipro during the third quarter worth $7,811,000. Finally, Envestnet Asset Management Inc. raised its position in Wipro by 4.0% during the third quarter. Envestnet Asset Management Inc. now owns 72,584 shares of the information technology services provider’s stock worth $265,000 after acquiring an additional 2,762 shares during the period. 2.14% of the stock is owned by institutional investors.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of 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 services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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Analyst Recommendations for Wipro (NYSE:WIT)

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