Wipro (NYSE:WIT) Stock Rating Upgraded by StockNews.com

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

Separately, Investec lowered shares of Wipro from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $5.60.

Wipro Stock Up 0.7 %

Shares of WIT traded up $0.05 during trading hours on Wednesday, hitting $7.13. The stock had a trading volume of 2,172,113 shares, compared to its average volume of 2,516,728. Wipro has a 1-year low of $4.78 and a 1-year high of $7.16. The firm has a market capitalization of $37.26 billion, a P/E ratio of 26.41, a price-to-earnings-growth ratio of 4.77 and a beta of 0.92. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a 50 day simple moving average of $6.68 and a 200-day simple moving average of $6.26.

Shares of Wipro are set to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be issued to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The company had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. Sell-side analysts predict that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in Wipro by 67.6% during 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 in the last quarter. Fisher Asset Management LLC grew its stake in 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 last quarter. Marshall Wace LLP acquired a new stake in shares of Wipro during the 2nd quarter worth about $7,994,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Wipro by 116.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider's stock worth $10,435,000 after purchasing an additional 867,516 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider's stock valued at $5,009,000 after purchasing an additional 483,893 shares during the last quarter. Institutional investors and hedge funds 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.