Wipro (NYSE:WIT) Upgraded by Morgan Stanley to Equal Weight

Wipro (NYSE:WIT) was upgraded by Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Wipro from a “sell” rating to a “hold” rating in a research note on Wednesday, July 21st. JPMorgan Chase & Co. upgraded shares of Wipro from an “underweight” rating to a “neutral” rating in a research note on Thursday, September 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Wipro currently has an average rating of “Hold” and a consensus target price of $7.12.

NYSE WIT opened at $9.57 on Thursday. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $9.11 and a 200 day simple moving average of $8.13. The company has a market cap of $54.48 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.66 and a beta of 0.63. Wipro has a 1 year low of $4.76 and a 1 year high of $9.80.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Tuesday, October 12th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.07. Wipro had a net margin of 17.83% and a return on equity of 20.35%. During the same quarter in the prior year, the company posted $0.06 earnings per share. Equities research analysts forecast that Wipro will post 0.29 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the stock. PEAK6 Investments LLC increased its position in shares of Wipro by 2.7% during the 1st quarter. PEAK6 Investments LLC now owns 59,342 shares of the information technology services provider’s stock worth $376,000 after purchasing an additional 1,584 shares in the last quarter. Corient Capital Partners LLC increased its position in shares of Wipro by 5.9% during the 1st quarter. Corient Capital Partners LLC now owns 38,552 shares of the information technology services provider’s stock worth $244,000 after purchasing an additional 2,151 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Wipro by 9.2% during the 2nd quarter. Quadrant Capital Group LLC now owns 25,891 shares of the information technology services provider’s stock worth $202,000 after purchasing an additional 2,174 shares in the last quarter. Stifel Financial Corp increased its position in shares of Wipro by 19.9% during the 1st quarter. Stifel Financial Corp now owns 15,584 shares of the information technology services provider’s stock worth $99,000 after purchasing an additional 2,586 shares in the last quarter. Finally, MML Investors Services LLC increased its position in shares of Wipro by 23.6% during the 2nd quarter. MML Investors Services LLC now owns 14,114 shares of the information technology services provider’s stock worth $110,000 after purchasing an additional 2,691 shares in the last quarter. Institutional investors and hedge funds own 2.28% of the company’s stock.

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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