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

StockNews.com upgraded shares of Wipro (NYSE:WIT - Free Report) from a hold rating to a buy rating in a report released on Friday morning.

A number of other equities research analysts also recently issued reports on the stock. Nomura started coverage on shares of Wipro in a research report on Tuesday, July 2nd. They issued a buy rating for the company. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $5.60.

Wipro Trading Down 2.0 %

Wipro stock traded down $0.13 during midday trading on Friday, reaching $6.47. The stock had a trading volume of 2,046,614 shares, compared to its average volume of 2,528,943. The firm's fifty day simple moving average is $6.18 and its two-hundred day simple moving average is $5.88. Wipro has a twelve month low of $4.48 and a twelve month high of $7.01. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. The firm has a market cap of $33.80 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 4.41 and a beta of 0.90.

Wipro (NYSE:WIT - Get Free Report) last released its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the firm earned $0.06 EPS. Equities analysts anticipate that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Newport Capital Group LLC bought a new position in shares of Wipro during the 2nd quarter valued at $105,000. Creative Planning raised its holdings in Wipro by 26.8% in the 2nd quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider's stock worth $6,548,000 after acquiring an additional 226,915 shares during the period. Millennium Management LLC raised its holdings in Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider's stock worth $34,298,000 after acquiring an additional 2,267,995 shares during the period. AQR Capital Management LLC raised its holdings in Wipro by 12.9% in the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider's stock worth $4,223,000 after acquiring an additional 79,431 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in Wipro by 143.4% in the 2nd quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider's stock worth $5,009,000 after acquiring an additional 483,893 shares during the period. Institutional investors own 2.36% of the company's stock.

About Wipro

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.