Wipro (NYSE:WIT) Lowered to Hold at StockNews.com

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report released on Monday.

Other research analysts have also issued reports about the stock. Nomura initiated coverage on shares of Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Investec downgraded shares of 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, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Down 0.3 %

Shares of NYSE WIT opened at $6.59 on Monday. The stock has a market capitalization of $34.43 billion, a price-to-earnings ratio of 24.41, a P/E/G ratio of 4.45 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 has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $6.38 and its 200-day moving average price is $5.96.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ballentine Partners LLC lifted its holdings in Wipro by 3.5% during the 3rd quarter. Ballentine Partners LLC now owns 237,457 shares of the information technology services provider’s stock valued at $1,539,000 after buying an additional 8,102 shares in the last quarter. Greenleaf Trust increased its position in shares of Wipro by 156.3% during the third quarter. Greenleaf Trust now owns 90,666 shares of the information technology services provider’s stock worth $588,000 after acquiring an additional 55,291 shares during the period. Waldron Private Wealth LLC raised its stake in shares of Wipro by 34.3% during the third quarter. Waldron Private Wealth LLC now owns 49,603 shares of the information technology services provider’s stock valued at $321,000 after acquiring an additional 12,662 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Wipro by 3.2% in the third quarter. Signaturefd LLC now owns 299,128 shares of the information technology services provider’s stock valued at $1,938,000 after purchasing an additional 9,225 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in Wipro in the third quarter worth approximately $860,000. 2.36% of the stock is currently owned by institutional investors.

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.