StockNews.com Upgrades Wipro (NYSE:WIT) to “Buy”

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Other equities analysts have also recently issued research reports about the company. Nomura Securities raised Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Nomura assumed coverage on Wipro in a research note on Tuesday, July 2nd. They issued a buy rating for the company. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $5.60.

Wipro Trading Up 0.2 %

Shares of Wipro stock opened at $6.48 on Friday. The firm’s 50 day moving average is $6.20 and its 200 day moving average is $5.88. The firm has a market capitalization of $33.82 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 4.41 and a beta of 0.90. Wipro has a 1 year low of $4.48 and a 1 year high of $7.01. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the business earned $0.06 earnings per share. Equities research analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Newport Capital Group LLC acquired a new position in shares of Wipro in the 2nd quarter worth approximately $105,000. Creative Planning lifted its holdings in Wipro by 26.8% in the second quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider’s stock valued at $6,548,000 after buying an additional 226,915 shares during the period. Millennium Management LLC boosted its position in Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after acquiring an additional 2,267,995 shares during the last quarter. AQR Capital Management LLC boosted its position in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after acquiring an additional 79,431 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in Wipro by 143.4% during the 2nd quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock worth $5,009,000 after acquiring an additional 483,893 shares during the period. 2.36% of the stock is owned by institutional investors and hedge funds.

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.