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

Shares of Wipro Limited (NYSE:WIT) have received an average rating of “Hold” from the four ratings firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has assigned a buy rating and one has assigned a strong buy rating to 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 equities research analysts recently weighed in on WIT shares. Nomura Securities upgraded Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Finally, Nomura started coverage on Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company.

Wipro Stock Performance

Shares of WIT opened at $6.50 on Friday. The firm has a market cap of $33.92 billion, a PE ratio of 26.00, a PEG ratio of 4.34 and a beta of 0.90. The stock’s fifty day moving average price is $6.21 and its two-hundred day moving average price is $5.86. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. Wipro has a 1 year low of $4.48 and a 1 year high of $7.01.

Wipro (NYSE:WIT) last released its quarterly earnings data 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 return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the company posted $0.06 EPS. On average, equities research analysts forecast that Wipro will post 0.27 EPS for the current year.

Institutional Trading of Wipro

Several large investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its holdings in shares of 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 worth $35,422,000 after acquiring an additional 2,437,802 shares during the period. Millennium Management LLC grew its holdings in shares of Wipro by 67.6% in 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. Fisher Asset Management LLC grew its holdings in shares of Wipro by 3.8% in the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock worth $12,884,000 after acquiring an additional 84,519 shares during the period. Wellington Management Group LLP grew its holdings in shares of Wipro by 44.0% in the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after acquiring an additional 570,001 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in 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 valued at $10,260,000 after purchasing an additional 1,771,854 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

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.