Brokerages Set Wipro Limited (NYSE:WIT) PT at $5.30

Wipro Limited (NYSE:WIT) has been given an average recommendation of “Hold” by the five analysts that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $5.30.

Several analysts recently commented on WIT shares. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Nomura assumed coverage on Wipro in a research report on Tuesday. They set a “buy” rating for the company. Finally, Nomura Securities upgraded Wipro to a “strong-buy” rating in a report on Tuesday.

Wipro Price Performance

Shares of NYSE:WIT opened at $6.38 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.58 and a quick ratio of 2.57. The stock has a market cap of $33.30 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 4.42 and a beta of 0.90. The stock’s 50 day moving average price is $5.56 and its 200 day moving average price is $5.70. Wipro has a 12 month low of $4.48 and a 12 month high of $6.45.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, April 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.29% and a return on equity of 15.60%. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Equities research analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew 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 acquiring an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Wipro during the 1st quarter worth about $60,000. Intelligence Driven Advisers LLC acquired a new stake in shares of Wipro during the 4th quarter valued at about $61,000. Essex Savings Bank bought a new stake in shares of Wipro in the 4th quarter valued at approximately $67,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in Wipro in the fourth quarter worth approximately $72,000. 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.