Wipro (NYSE:WIT) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

WIT has been the topic of a number of other research reports. BNP Paribas assumed coverage on shares of Wipro in a research note on Wednesday, January 17th. They set an underperform rating and a $5.20 target price on the stock. TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Finally, Wedbush lifted their target price on shares of Wipro from $4.00 to $6.00 and gave the company an underperform rating in a research note on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. Based on data from MarketBeat, Wipro has a consensus rating of Reduce and a consensus target price of $5.05.

Wipro Price Performance

WIT stock opened at $5.46 on Wednesday. The firm’s 50-day moving average price is $5.84 and its two-hundred day moving average price is $5.42. Wipro has a 12-month low of $4.48 and a 12-month high of $6.45. The stock has a market capitalization of $28.49 billion, a price-to-earnings ratio of 21.84, a PEG ratio of 2.18 and a beta of 0.87. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Wipro

Several hedge funds have recently bought and sold shares of WIT. Acadian Asset Management LLC boosted its stake in Wipro by 50.1% during the third quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock worth $32,837,000 after acquiring an additional 2,265,859 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Wipro by 112.7% during the fourth quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock worth $20,734,000 after acquiring an additional 1,972,425 shares in the last quarter. Toroso Investments LLC bought a new position in shares of Wipro in the third quarter worth approximately $5,591,000. Wellington Management Group LLP lifted its stake in shares of Wipro by 44.0% in the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after buying an additional 570,001 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Wipro by 4.6% in the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after buying an additional 553,433 shares in the last quarter. Institutional investors 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 three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.