Wipro (NYSE:WIT) Upgraded to "Neutral" at UBS Group

UBS Group upgraded shares of Wipro (NYSE:WIT - Free Report) from a sell rating to a neutral rating in a research note released on Thursday morning, Marketbeat reports.

A number of other research analysts have also recently issued reports on WIT. HSBC raised shares of Wipro from a "reduce" rating to a "hold" rating in a report on Monday, December 9th. StockNews.com raised Wipro from a "hold" rating to a "buy" rating in a research report on Monday. Finally, Investec downgraded Wipro from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $5.60.

Wipro Stock Up 0.8 %

WIT stock traded up $0.03 on Thursday, hitting $3.57. 2,381,360 shares of the company's stock were exchanged, compared to its average volume of 4,970,479. The firm has a 50 day moving average price of $5.77 and a two-hundred day moving average price of $6.09. Wipro has a 12-month low of $2.55 and a 12-month high of $3.75. The stock has a market cap of $37.31 billion, a P/E ratio of 26.44, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

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 for the quarter, hitting analysts' consensus estimates of $0.07. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. As a group, equities research analysts expect that Wipro will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

A number of hedge funds and other institutional investors have recently made changes to their positions in WIT. Millennium Management LLC boosted its holdings in Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider's stock worth $34,298,000 after buying an additional 2,267,995 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of 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 purchasing an additional 1,593,619 shares in the last quarter. Marshall Wace LLP acquired a new position in Wipro in the 2nd quarter worth about $7,994,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wipro by 116.8% in 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 acquiring an additional 867,516 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Wipro by 143.4% during 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 in the last quarter. Institutional investors and hedge funds 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.