Wipro Limited (NYSE:WIT) Receives $5.60 Consensus PT from Analysts

Wipro Limited (NYSE:WIT) has received a consensus rating of “Hold” from the four brokerages that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $5.60.

WIT has been the subject of a number of analyst reports. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Wednesday. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Nomura initiated coverage on shares of Wipro in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock.

Wipro Price Performance

Wipro stock opened at $6.47 on Friday. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. Wipro has a 52-week low of $4.48 and a 52-week high of $7.01. The firm has a market cap of $33.77 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 4.49 and a beta of 0.90. The company’s 50 day moving average is $6.20 and its two-hundred day moving average is $5.87.

Wipro (NYSE:WIT) last released its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the business posted $0.06 earnings per share. On average, research analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in shares of Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in Wipro in the first quarter valued at $60,000. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the second quarter worth about $64,000. Atomi Financial Group Inc. increased its position in shares of Wipro by 29.4% during the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after purchasing an additional 3,023 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new stake in shares of Wipro in the 1st quarter valued at about $79,000. 2.36% of the stock is owned by institutional investors and hedge funds.

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.