Wipro (NYSE:WIT) Cut to Hold at StockNews.com

StockNews.com lowered shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report released on Wednesday morning.

Several other equities analysts have also recently weighed in on WIT. TheStreet raised Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Wedbush lifted their target price on Wipro from $4.00 to $6.00 and gave the company an underperform rating in a research note on Tuesday, January 16th. Finally, BNP Paribas initiated coverage on Wipro in a research note on Wednesday, January 17th. They set an underperform rating and a $5.20 target price on the stock. Four investment analysts have rated the stock with a sell rating and one has issued a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of Reduce and an average price target of $5.05.

Wipro Price Performance

NYSE WIT opened at $5.47 on Wednesday. The stock’s 50-day moving average price is $5.88 and its two-hundred day moving average price is $5.41. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. The company has a market cap of $28.51 billion, a PE ratio of 21.86, a PEG ratio of 2.21 and a beta of 0.87. Wipro has a 1 year low of $4.47 and a 1 year high of $6.45.

Institutional Investors Weigh In On Wipro

Large investors have recently made changes to their positions in the company. Deutsche Bank AG grew its stake in shares of Wipro by 25.8% in the 3rd quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock valued at $9,238,000 after buying an additional 390,947 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Wipro by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock valued at $60,368,000 after buying an additional 553,433 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Wipro by 4.7% in the 3rd quarter. Rhumbline Advisers now owns 1,930,460 shares of the information technology services provider’s stock valued at $9,343,000 after buying an additional 86,226 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Wipro by 63.1% in the 4th quarter. Blue Trust Inc. now owns 22,312 shares of the information technology services provider’s stock valued at $124,000 after buying an additional 8,634 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Wipro by 2,845,900.0% in the 3rd quarter. Barclays PLC now owns 369,980 shares of the information technology services provider’s stock valued at $1,790,000 after buying an additional 369,967 shares in the last quarter. 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.