Wipro Limited (NYSE:WIT) Given Consensus Rating of “Hold” by Analysts

Wipro Limited (NYSE:WIT) has been assigned an average recommendation of “Hold” from the five research firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $5.60.

Several research analysts have issued reports on the stock. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Nomura began coverage on shares of Wipro in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Friday, September 27th.

Institutional Investors Weigh In On Wipro

A number of large investors have recently added to or reduced their stakes in WIT. GAMMA Investing LLC lifted its holdings in shares of Wipro by 47.2% during 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 during the period. Oppenheimer & Co. Inc. purchased a new stake in Wipro during the first quarter valued at $60,000. Mayflower Financial Advisors LLC bought a new position in Wipro in the second quarter valued at about $64,000. Abacus Wealth Partners LLC purchased a new position in Wipro in the third quarter worth about $71,000. Finally, Atomi Financial Group Inc. grew its stake in shares of Wipro by 29.4% during the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock valued at $77,000 after purchasing an additional 3,023 shares during the period. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Up 0.5 %

WIT stock opened at $6.41 on Thursday. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $7.01. The company has a market capitalization of $33.49 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 4.54 and a beta of 0.90. The business’s 50 day moving average price is $6.30 and its two-hundred day moving average price is $5.93. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70.

Wipro (NYSE:WIT) last issued its quarterly 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 net margin of 12.57% and a return on equity of 15.01%. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the company posted $0.06 EPS. As a group, analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

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.