Wipro (NYSE:WIT) Raised 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 research note released on Saturday morning.

Other analysts have also issued reports about the stock. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. UBS Group upgraded Wipro from a "sell" rating to a "neutral" rating in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold".

Wipro Stock Performance

WIT stock traded up $0.02 on Friday, hitting $2.86. The company had a trading volume of 5,895,279 shares, compared to its average volume of 5,062,112. The stock has a market cap of $29.86 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 3.08 and a beta of 0.96. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock's 50-day simple moving average is $3.04 and its 200 day simple moving average is $4.35. Wipro has a 12-month low of $2.55 and a 12-month high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The business had revenue of $2.62 billion for the quarter, compared to analysts' expectations of $225.66 billion. As a group, equities research analysts expect that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ridgewood Investments LLC lifted its stake in shares of Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider's stock valued at $25,000 after buying an additional 3,557 shares in the last quarter. Bell Investment Advisors Inc raised its position in shares of Wipro by 100.0% during the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock valued at $26,000 after buying an additional 3,631 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Wipro in the fourth quarter worth $29,000. Farther Finance Advisors LLC grew its stake in Wipro by 148.3% during the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 4,851 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Wipro in the 4th quarter valued at $35,000. 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.