Wipro (NYSE:WIT) Stock Rating Upgraded by UBS Group

Wipro (NYSE:WIT) was upgraded by investment analysts at UBS Group from a “sell” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

Other equities research analysts have also recently issued reports about the stock. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Monday, December 30th. Three analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Wipro has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Stock Performance

NYSE:WIT opened at $3.50 on Thursday. Wipro has a 52 week low of $2.55 and a 52 week high of $3.75. The company has a fifty day simple moving average of $5.77 and a two-hundred day simple moving average of $6.09. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The company has a market cap of $36.58 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. As a group, equities analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased 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 worth $34,298,000 after buying an additional 2,267,995 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Wipro by 72.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after acquiring an additional 1,593,619 shares during the period. Marshall Wace LLP acquired a new position in shares of Wipro in the 2nd quarter valued at $7,994,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after purchasing an additional 867,516 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake 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 purchasing an additional 483,893 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.