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

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

Other 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 note on Thursday, October 3rd. Nomura started coverage on shares of Wipro in a research report on Tuesday, July 2nd. They set a "buy" rating for the company. Finally, Nomura Securities raised shares of Wipro to a "strong-buy" rating in a report on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.60.

Wipro Stock Down 0.1 %

Wipro stock traded down $0.01 during midday trading on Tuesday, hitting $6.74. 2,650,948 shares of the company's stock were exchanged, compared to its average volume of 2,491,698. Wipro has a 12 month low of $4.49 and a 12 month high of $7.01. The company has a market cap of $35.21 billion, a PE ratio of 24.96, a P/E/G ratio of 4.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a 50-day moving average of $6.41 and a two-hundred day moving average of $5.99.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BSW Wealth Partners boosted its position in shares of Wipro by 2.8% during the 3rd quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider's stock valued at $573,000 after acquiring an additional 2,418 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of Wipro by 3.5% during the third quarter. Ballentine Partners LLC now owns 237,457 shares of the information technology services provider's stock worth $1,539,000 after buying an additional 8,102 shares during the period. Greenleaf Trust increased its stake in shares of Wipro by 156.3% during the third quarter. Greenleaf Trust now owns 90,666 shares of the information technology services provider's stock worth $588,000 after buying an additional 55,291 shares during the period. Waldron Private Wealth LLC increased its stake in shares of Wipro by 34.3% during the third quarter. Waldron Private Wealth LLC now owns 49,603 shares of the information technology services provider's stock worth $321,000 after buying an additional 12,662 shares during the period. Finally, Signaturefd LLC boosted its holdings in Wipro by 3.2% in the third quarter. Signaturefd LLC now owns 299,128 shares of the information technology services provider's stock valued at $1,938,000 after purchasing an additional 9,225 shares in 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 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.