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

Wipro (NYSE:WIT - Get Free Report) was upgraded by research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Thursday.

A number of other brokerages have also issued reports on WIT. Investec lowered shares of Wipro from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. HSBC upgraded shares of Wipro from a "reduce" rating to a "hold" rating in a report on Monday. Three analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wipro currently has an average rating of "Hold" and an average price target of $5.60.

Wipro Price Performance

Shares of WIT traded up $0.02 during mid-day trading on Thursday, reaching $3.65. The company had a trading volume of 2,539,254 shares, compared to its average volume of 5,047,992. The company has a market capitalization of $19.05 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 4.89 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. The company's 50 day simple moving average is $6.68 and its 200 day simple moving average is $6.29. Wipro has a 1-year low of $2.48 and a 1-year high of $3.75.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its stake in Wipro by 0.8% during the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider's stock worth $70,157,000 after buying an additional 87,682 shares during the last quarter. 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 during the period. Fisher Asset Management LLC raised its position 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 worth $24,638,000 after acquiring an additional 1,593,619 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wipro by 116.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider's stock valued at $10,435,000 after buying an additional 867,516 shares during the period. Finally, Creative Planning boosted its stake in Wipro by 24.6% during the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider's stock worth $8,666,000 after acquiring an additional 263,925 shares in 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.