Wipro (NYSE:WIT) Rating Increased 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 note issued to investors on Thursday, Zacks.com reports. The firm presently has a $11.00 price target on the information technology services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 28.21% from the stock’s previous close.

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. “

A number of other equities research analysts have also recently issued reports on WIT. Morgan Stanley raised shares of Wipro from an “underweight” rating to an “equal weight” rating in a research report on Thursday, October 14th. JPMorgan Chase & Co. raised shares of Wipro from an “underweight” rating to a “neutral” rating in a research report on Thursday, September 30th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.62.

WIT stock opened at $8.58 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.30 and a quick ratio of 2.30. The company has a fifty day moving average price of $9.04 and a two-hundred day moving average price of $8.92. Wipro has a one year low of $6.09 and a one year high of $9.96. The stock has a market cap of $47.01 billion, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 3.28 and a beta of 0.66.

Wipro (NYSE:WIT) last released its quarterly earnings data on Tuesday, January 11th. The information technology services provider reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.01). Wipro had a return on equity of 20.50% and a net margin of 16.25%. During the same quarter in the prior year, the firm earned $0.07 EPS. Research analysts anticipate that Wipro will post 0.3 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of WIT. Liberty Wealth Management LLC lifted its position in Wipro by 489.0% during the third quarter. Liberty Wealth Management LLC now owns 2,727 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 2,264 shares during the period. Atticus Wealth Management LLC acquired a new position in Wipro during the third quarter worth about $40,000. D Orazio & Associates Inc. acquired a new position in Wipro during the third quarter worth about $45,000. Intersect Capital LLC acquired a new position in Wipro during the third quarter worth about $91,000. Finally, PFG Private Wealth Management LLC acquired a new position in Wipro during the third quarter worth about $91,000. 2.30% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology 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, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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