Wipro (NYSE:WIT) Shares Gap Up to $5.16

Wipro Limited (NYSE:WIT) shares gapped up before the market opened on Friday . The stock had previously closed at $5.16, but opened at $5.30. Wipro shares last traded at $5.35, with a volume of 884,204 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on WIT shares. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. TheStreet upgraded Wipro from a “c+” rating to a “b-” rating in a research report on Friday, January 12th. Wedbush lifted their target price on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 16th. Finally, BNP Paribas began coverage on Wipro in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.20 target price on the stock. Four research analysts have rated the stock with a sell rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $5.05.

Wipro Stock Performance

The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average of $5.91 and a 200-day moving average of $5.40. The stock has a market cap of $27.39 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 2.05 and a beta of 0.87.

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Wipro by 23.1% during the second quarter. BlackRock Inc. now owns 29,106,981 shares of the information technology services provider’s stock worth $137,385,000 after buying an additional 5,454,757 shares during the last quarter. Morgan Stanley boosted its holdings in Wipro by 23.5% in the 4th quarter. Morgan Stanley now owns 13,757,038 shares of the information technology services provider’s stock valued at $64,108,000 after purchasing an additional 2,621,127 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Wipro by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 12,517,287 shares of the information technology services provider’s stock valued at $69,721,000 after purchasing an additional 44,600 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Wipro by 19.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 12,301,682 shares of the information technology services provider’s stock valued at $58,064,000 after purchasing an additional 1,977,079 shares in the last quarter. Finally, State Street Corp boosted its holdings in Wipro by 1.3% in the 1st quarter. State Street Corp now owns 10,370,638 shares of the information technology services provider’s stock valued at $79,953,000 after purchasing an additional 134,870 shares in the last quarter. Hedge funds and other 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.