Brokerages Set Wipro Limited (NYSE:WIT) Price Target at $5.60

Wipro Limited (NYSE:WIT) has been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $5.60.

A number of analysts have weighed in on WIT shares. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Wednesday. Investec lowered Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd.

Wipro Stock Up 0.4 %

Shares of NYSE WIT opened at $7.09 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a market capitalization of $37.05 billion, a price-to-earnings ratio of 26.26, a PEG ratio of 4.77 and a beta of 0.92. The stock has a 50 day moving average price of $6.67 and a 200 day moving average price of $6.25. Wipro has a 52-week low of $4.78 and a 52-week high of $7.12.

Wipro shares are going to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be issued to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. Sell-side analysts expect that Wipro will post 0.27 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after acquiring an additional 2,426 shares during the period. Mayflower Financial Advisors LLC acquired a new stake in Wipro during the 2nd quarter worth about $64,000. Abacus Wealth Partners LLC acquired a new stake in Wipro during the 3rd quarter worth about $71,000. Werba Rubin Papier Wealth Management acquired a new stake in Wipro during the 3rd quarter worth about $71,000. Finally, Catalytic Wealth RIA LLC acquired a new stake in Wipro during the 3rd quarter worth about $81,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

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.