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

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research note released on Tuesday morning.

Several other analysts have also weighed in on the stock. BNP Paribas initiated coverage on shares of Wipro in a report on Wednesday, January 17th. They set an underperform rating and a $5.20 price objective for the company. TheStreet raised shares of Wipro from a c+ rating to a b- rating in a report on Friday, January 12th. Finally, Wedbush raised their price objective on shares of Wipro from $4.00 to $6.00 and gave the stock an underperform rating in a report on Tuesday, January 16th. Four investment analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Wipro presently has a consensus rating of Reduce and a consensus target price of $5.05.

Wipro Stock Performance

NYSE:WIT opened at $5.25 on Tuesday. The firm has a market capitalization of $27.39 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 2.12 and a beta of 0.87. The firm has a 50-day moving average price of $5.91 and a 200 day moving average price of $5.40. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. Wipro has a 12-month low of $4.35 and a 12-month high of $6.45.

Institutional Trading of Wipro

Hedge funds have recently modified their holdings of the stock. 1832 Asset Management L.P. bought a new stake in shares of Wipro during the first quarter valued at approximately $26,000. GAMMA Investing LLC grew its stake in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after purchasing an additional 1,858 shares during the last quarter. AlphaQ Advisors LLC bought a new position in Wipro in the third quarter valued at approximately $48,000. Marks Group Wealth Management Inc bought a new position in Wipro in the third quarter valued at approximately $49,000. Finally, Enterprise Financial Services Corp bought a new position in Wipro in the fourth quarter valued at approximately $49,000. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

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.