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

by · The Markets Daily

StockNews.com upgraded shares of Wipro (NYSE:WIT – Free Report) from a hold rating to a buy rating in a research note released on Friday morning.

Other equities research analysts have also issued reports about the stock. Nomura initiated coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a buy rating on the stock. Nomura Securities upgraded Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wipro has a consensus rating of Hold and a consensus target price of $5.60.

Check Out Our Latest Report on Wipro

Wipro Price Performance

NYSE:WIT opened at $6.47 on Friday. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. The firm has a market cap of $33.80 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 4.41 and a beta of 0.90. Wipro has a 12 month low of $4.48 and a 12 month high of $7.01. The company’s 50-day moving average price is $6.19 and its two-hundred day moving average price is $5.88.

Wipro (NYSE:WIT – Get Free Report) last posted its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the company posted $0.06 EPS. On average, equities analysts anticipate that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WIT. GAMMA Investing LLC lifted its holdings in shares of Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares in the last quarter. Mayflower Financial Advisors LLC acquired a new position in shares of Wipro during the second quarter valued at about $64,000. Oppenheimer & Co. Inc. bought a new stake in shares of Wipro during the first quarter worth about $60,000. Atomi Financial Group Inc. raised its holdings in shares of Wipro by 29.4% in the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after acquiring an additional 3,023 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in Wipro in the 1st quarter valued at about $79,000. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

(Get Free Report)

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.

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