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

Wipro Limited (NYSE:WIT) has been given a consensus recommendation of “Hold” by the five analysts that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $5.60.

WIT has been the subject of several recent research reports. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Nomura initiated coverage on shares of Wipro in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research report on Friday, September 27th. Finally, Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd.

Wipro Stock Up 1.6 %

Shares of NYSE WIT opened at $6.37 on Thursday. Wipro has a 1 year low of $4.48 and a 1 year high of $7.01. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. The company has a 50 day simple moving average of $6.26 and a 200-day simple moving average of $5.92. The company has a market capitalization of $33.28 billion, a P/E ratio of 24.50, a P/E/G ratio of 4.32 and a beta of 0.90.

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

Institutional Investors Weigh In On Wipro

Several institutional investors have recently modified their holdings of WIT. BNP Paribas Financial Markets increased its stake in Wipro by 65.5% in the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock valued at $35,422,000 after purchasing an additional 2,437,802 shares during the period. Millennium Management LLC increased its stake in shares of Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after acquiring an additional 2,267,995 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Wipro by 6,295.2% during the first quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after acquiring an additional 1,771,854 shares during the period. Marshall Wace LLP acquired a new position in shares of Wipro during the second quarter worth about $7,994,000. Finally, Jane Street Group LLC increased its stake in shares of Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.