Wipro (WIT) Raised to Buy at Zacks Investment Research

Wipro (NYSE:WIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $6.00 price objective on the information technology services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.72% from the stock’s current price.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

How to Become a New Pot Stock Millionaire

A number of other equities analysts also recently weighed in on the company. Credit Suisse Group downgraded Wipro from a “neutral” rating to a “sell” rating in a report on Monday, January 22nd. BNP Paribas upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Wipro has a consensus rating of “Hold” and an average price target of $141.50.

WIT stock traded down $0.12 during mid-day trading on Friday, reaching $5.23. 727,277 shares of the stock traded hands, compared to its average volume of 1,477,597. The company has a current ratio of 2.16, a quick ratio of 2.14 and a debt-to-equity ratio of 0.06. Wipro has a 52-week low of $4.75 and a 52-week high of $6.40. The firm has a market capitalization of $23,935.53, a PE ratio of 19.37, a P/E/G ratio of 2.24 and a beta of 0.67.

Wipro (NYSE:WIT) last issued its earnings results on Friday, January 19th. The information technology services provider reported $0.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.06. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.06 billion. Wipro had a return on equity of 16.09% and a net margin of 15.46%. equities research analysts anticipate that Wipro will post 0.27 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Wipro by 8.9% in the 4th quarter. BlackRock Inc. now owns 20,108,643 shares of the information technology services provider’s stock valued at $109,994,000 after purchasing an additional 1,636,016 shares during the period. First Trust Advisors LP increased its holdings in Wipro by 25.4% in the fourth quarter. First Trust Advisors LP now owns 6,361,649 shares of the information technology services provider’s stock worth $34,798,000 after buying an additional 1,286,771 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Wipro by 4.2% in the fourth quarter. Fisher Asset Management LLC now owns 4,118,842 shares of the information technology services provider’s stock worth $22,530,000 after buying an additional 166,000 shares during the last quarter. Aperio Group LLC increased its holdings in Wipro by 6.3% in the fourth quarter. Aperio Group LLC now owns 3,371,084 shares of the information technology services provider’s stock worth $18,440,000 after buying an additional 198,684 shares during the last quarter. Finally, Renaissance Group LLC increased its holdings in Wipro by 1.4% in the fourth quarter. Renaissance Group LLC now owns 2,799,620 shares of the information technology services provider’s stock worth $15,314,000 after buying an additional 39,958 shares during the last quarter. Institutional investors own 2.52% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Wipro (WIT) Raised to Buy at Zacks Investment Research” was first posted by Transcript Daily and is the property of of Transcript Daily. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and international trademark & copyright law. The legal version of this piece of content can be read at https://transcriptdaily.com/2018/04/13/wipro-wit-raised-to-buy-at-zacks-investment-research.html.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. The company's IT Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, business process services, research and development, and hardware and software design services to enterprises.

Get a free copy of the Zacks research report on Wipro (WIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Wipro (NYSE:WIT)

Receive News & Ratings for Wipro Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply