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

Wipro (NYSE:WIT) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts have also issued research reports about the company. BNP Paribas assumed coverage on Wipro in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.20 price objective for the company. Wedbush raised their price objective on Wipro from $4.00 to $6.00 and gave the company an “underperform” rating in a research report on Tuesday, January 16th. Finally, TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research report on Friday, January 12th. Four investment analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $5.05.

Wipro Stock Performance

Shares of WIT stock opened at $5.26 on Tuesday. The stock has a fifty day moving average of $5.94 and a 200 day moving average of $5.40. Wipro has a 52 week low of $4.32 and a 52 week high of $6.45. The firm has a market capitalization of $27.42 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.15 and a beta of 0.87. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Wipro

Several large investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Wipro by 23.1% in the 2nd quarter. BlackRock Inc. now owns 29,106,981 shares of the information technology services provider’s stock worth $137,385,000 after purchasing an additional 5,454,757 shares during the last quarter. Morgan Stanley raised its position in shares of Wipro by 23.5% in the 4th quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider’s stock worth $64,108,000 after purchasing an additional 2,621,127 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Wipro by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 12,517,287 shares of the information technology services provider’s stock worth $69,721,000 after purchasing an additional 44,600 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Wipro by 19.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 12,301,682 shares of the information technology services provider’s stock worth $58,064,000 after purchasing an additional 1,977,079 shares during the last quarter. Finally, State Street Corp raised its position in shares of Wipro by 1.3% in the 1st quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider’s stock worth $79,953,000 after purchasing an additional 134,870 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.