Wipro (NYSE:WIT) Upgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a sell rating to a hold rating in a research report sent to investors on Saturday morning, Zacks.com reports.

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. “

Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Wipro from a hold rating to a sell rating in a report on Friday, August 2nd. Wedbush reaffirmed an underperform rating on shares of Wipro in a report on Wednesday, July 17th. Credit Suisse Group raised shares of Wipro from an underperform rating to a neutral rating in a report on Tuesday, October 15th. Goldman Sachs Group raised shares of Wipro from a sell rating to a neutral rating and lowered their target price for the company from $3.47 to $3.46 in a report on Thursday, October 3rd. Finally, TheStreet downgraded shares of Wipro from a b rating to a c+ rating in a report on Tuesday, September 3rd. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock presently has an average rating of Hold and an average target price of $4.44.

Shares of NYSE:WIT opened at $3.83 on Friday. The company has a market cap of $23.08 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 1.46 and a beta of 0.50. The firm’s 50-day simple moving average is $3.70 and its 200-day simple moving average is $4.11. The company has a quick ratio of 2.38, a current ratio of 2.40 and a debt-to-equity ratio of 0.04. Wipro has a fifty-two week low of $3.51 and a fifty-two week high of $4.63.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ballentine Partners LLC acquired a new stake in shares of Wipro in the second quarter valued at about $50,000. Private Advisor Group LLC acquired a new stake in shares of Wipro in the second quarter valued at about $63,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Wipro by 22.7% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,694 shares of the information technology services provider’s stock valued at $81,000 after purchasing an additional 3,455 shares during the period. Royal Bank of Canada lifted its stake in shares of Wipro by 18.0% in the second quarter. Royal Bank of Canada now owns 19,032 shares of the information technology services provider’s stock valued at $82,000 after purchasing an additional 2,904 shares during the period. Finally, Corient Capital Partners LLC raised its position in Wipro by 23.5% during the second quarter. Corient Capital Partners LLC now owns 22,326 shares of the information technology services provider’s stock worth $97,000 after acquiring an additional 4,246 shares during the last quarter. Hedge funds and other institutional investors own 2.22% of the company’s stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including 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, BPS, research and development services, and hardware and software design services to various enterprises.

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