Wipro (NYSE:WIT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WITGet Rating) from a hold rating to a buy rating in a research note published on Monday morning.

A number of other equities analysts have also recently issued reports on WIT. JPMorgan Chase & Co. cut Wipro from a neutral rating to an underweight rating in a report on Thursday, May 19th. CLSA upgraded Wipro from an underperform rating to an outperform rating in a report on Monday, February 21st. Macquarie upgraded Wipro from a neutral rating to an outperform rating in a report on Wednesday, June 1st. Finally, Nomura cut Wipro from a buy rating to a neutral rating in a research note on Wednesday, May 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Wipro presently has an average rating of Hold and an average price target of $7.70.

Shares of WIT stock opened at $5.42 on Monday. Wipro has a 52 week low of $5.18 and a 52 week high of $9.96. The firm has a 50 day moving average of $6.12 and a 200-day moving average of $7.41. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09. The company has a market cap of $29.62 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

Wipro (NYSE:WITGet Rating) last issued its earnings results on Friday, April 29th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Wipro had a return on equity of 19.33% and a net margin of 15.44%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.79 billion. Analysts anticipate that Wipro will post 0.31 earnings per share for the current year.

A number of large investors have recently modified their holdings of WIT. JPMorgan Chase & Co. lifted its stake in Wipro by 347.8% during the 1st quarter. JPMorgan Chase & Co. now owns 3,830,060 shares of the information technology services provider’s stock valued at $29,531,000 after acquiring an additional 2,974,757 shares in the last quarter. SG Americas Securities LLC lifted its stake in Wipro by 243.9% during the 1st quarter. SG Americas Securities LLC now owns 3,895,772 shares of the information technology services provider’s stock valued at $30,036,000 after acquiring an additional 2,762,999 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Wipro by 29.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,657,490 shares of the information technology services provider’s stock valued at $66,749,000 after acquiring an additional 1,962,931 shares in the last quarter. Jane Street Group LLC bought a new position in Wipro during the 1st quarter valued at $10,052,000. Finally, Citigroup Inc. increased its position in shares of Wipro by 93.7% during the 4th quarter. Citigroup Inc. now owns 2,557,189 shares of the information technology services provider’s stock valued at $24,958,000 after purchasing an additional 1,237,002 shares during the last quarter. Institutional investors and hedge funds own 2.30% of the company’s stock.

Wipro Company Profile (Get Rating)

Wipro Limited operates as 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.

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