Wipro (WIT) Upgraded by BNP Paribas to Hold

Wipro (NYSE:WIT) was upgraded by analysts at BNP Paribas from a “reduce” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

Other research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Wipro from a “sell” rating to a “hold” rating in a report on Saturday, March 24th. Credit Suisse Group cut shares of Wipro from a “neutral” rating to a “sell” rating in a report on Monday, January 22nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $141.50.

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WIT traded up $0.11 during trading on Monday, hitting $5.29. The stock had a trading volume of 852,384 shares, compared to its average volume of 1,502,573. The company has a market cap of $23,305.65, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 2.26 and a beta of 0.67. Wipro has a twelve month low of $4.75 and a twelve month high of $6.40. The company has a quick ratio of 2.14, a current ratio of 2.16 and a debt-to-equity ratio of 0.06.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Friday, January 19th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.06. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Wipro had a net margin of 15.46% and a return on equity of 16.09%. sell-side analysts expect that Wipro will post 0.27 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Alps Advisors Inc. raised its holdings in shares of Wipro by 12.5% in the fourth quarter. Alps Advisors Inc. now owns 178,450 shares of the information technology services provider’s stock worth $976,000 after buying an additional 19,814 shares during the last quarter. US Bancorp DE raised its holdings in shares of Wipro by 35.8% during the fourth quarter. US Bancorp DE now owns 86,937 shares of the information technology services provider’s stock worth $475,000 after purchasing an additional 22,935 shares during the last quarter. Nationwide Fund Advisors raised its holdings in shares of Wipro by 107.8% during the third quarter. Nationwide Fund Advisors now owns 55,254 shares of the information technology services provider’s stock worth $314,000 after purchasing an additional 28,658 shares during the last quarter. We Are One Seven LLC purchased a new position in shares of Wipro during the fourth quarter worth $162,000. Finally, Two Sigma Securities LLC purchased a new position in shares of Wipro during the fourth quarter worth $167,000. 2.52% of the stock is owned by institutional investors and hedge funds.

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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.

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