Wipro (NYSE:WIT) Stock Rating Reaffirmed by Wedbush
Wipro (NYSE:WIT)‘s stock had its “underperform” rating reaffirmed by stock analysts at Wedbush in a research report issued to clients and investors on Wednesday, Zacks.com reports.
A number of other research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Zymeworks from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Saturday, April 27th. Macquarie downgraded shares of Wipro from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 16th. Finally, Nomura downgraded shares of Wipro from a “neutral” rating to a “reduce” rating in a research report on Thursday, April 18th. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $4.76.
Shares of Wipro stock opened at $4.26 on Wednesday. The company has a current ratio of 2.67, a quick ratio of 2.65 and a debt-to-equity ratio of 0.05. The firm’s fifty day moving average is $4.36. The stock has a market cap of $25.03 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.45 and a beta of 0.49. Wipro has a 12-month low of $3.62 and a 12-month high of $4.63.
Several large investors have recently added to or reduced their stakes in WIT. Lindbrook Capital LLC grew its position in shares of Wipro by 50.1% in the 1st quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock worth $28,000 after buying an additional 2,358 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Wipro in the 1st quarter worth about $56,000. Janney Montgomery Scott LLC grew its position in shares of Wipro by 33.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,696 shares of the information technology services provider’s stock worth $58,000 after buying an additional 3,671 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Wipro in the 1st quarter worth about $60,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Wipro by 52.3% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,239 shares of the information technology services provider’s stock worth $61,000 after buying an additional 5,234 shares during the period. 2.23% of the stock is currently owned by hedge funds and other institutional investors.
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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