Wipro Limited (NYSE:WIT) Receives $5.60 Average PT from Brokerages

Shares of Wipro Limited (NYSE:WIT) have been assigned an average recommendation of “Hold” from the five ratings firms that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $5.60.

WIT has been the topic of a number of research analyst reports. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th.

Wipro Stock Down 0.6 %

WIT stock opened at $6.99 on Friday. The firm has a 50-day moving average price of $6.65 and a 200-day moving average price of $6.23. The stock has a market capitalization of $36.53 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 4.73 and a beta of 0.89. Wipro has a 12 month low of $4.78 and a 12 month high of $7.12. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

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

Wipro (NYSE:WIT) last announced its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. As a group, equities research analysts anticipate that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after buying an additional 2,426 shares in the last quarter. Mayflower Financial Advisors LLC bought a new stake in shares of Wipro in the second quarter worth $64,000. Abacus Wealth Partners LLC bought a new position in Wipro in the third quarter valued at about $71,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro in the third quarter worth about $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in Wipro in the third quarter worth about $81,000. 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 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.