Wipro (NYSE:WIT) Rating Increased to Equal Weight at Morgan Stanley

Wipro (NYSE:WIT - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "underweight" rating to an "equal weight" rating in a research note issued on Friday,Finviz reports.

Other analysts have also recently issued reports about the company. Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold".

Wipro Trading Down 0.8%

Shares of Wipro stock opened at $3.00 on Friday. The company's fifty day simple moving average is $2.89 and its 200-day simple moving average is $3.38. The company has a market cap of $31.33 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 8.59 and a beta of 1.02. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08. Wipro has a 1 year low of $2.63 and a 1 year high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.97% and a net margin of 14.73%. The company had revenue of $2.62 billion during the quarter, compared to analysts' expectations of $225.66 billion. As a group, sell-side analysts expect that Wipro will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Wipro by 109.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 278,550 shares of the information technology services provider's stock worth $994,000 after purchasing an additional 145,875 shares in the last quarter. Van ECK Associates Corp lifted its stake in Wipro by 89.8% during the 4th quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider's stock valued at $1,235,000 after acquiring an additional 165,076 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Wipro by 84.6% during the 4th quarter. Rhumbline Advisers now owns 3,501,225 shares of the information technology services provider's stock worth $12,394,000 after purchasing an additional 1,604,356 shares during the period. Allworth Financial LP raised its stake in shares of Wipro by 110.1% during the 4th quarter. Allworth Financial LP now owns 13,836 shares of the information technology services provider's stock worth $51,000 after purchasing an additional 7,251 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in shares of Wipro by 700.9% during the 4th quarter. Venturi Wealth Management LLC now owns 12,902 shares of the information technology services provider's stock worth $46,000 after purchasing an additional 11,291 shares during the period. Institutional investors and hedge funds own 2.36% of the company's stock.

About Wipro

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.

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