Wipro Limited (NYSE:WIT) Receives $5.05 Consensus Target Price from Analysts

Wipro Limited (NYSE:WIT) has earned a consensus rating of “Strong Sell” from the four analysts that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a sell recommendation. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $5.05.

Several analysts recently weighed in on WIT shares. Wedbush boosted their price objective on shares of Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research note on Tuesday, January 16th. TheStreet raised shares of Wipro from a “c+” rating to a “b-” rating in a research note on Friday, January 12th. BNP Paribas started coverage on shares of Wipro in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 price objective on the stock. Finally, StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research note on Thursday, March 14th.

Institutional Investors Weigh In On Wipro

Hedge funds have recently modified their holdings of the stock. Raymond James & Associates lifted its stake in Wipro by 5.2% in the first quarter. Raymond James & Associates now owns 118,772 shares of the information technology services provider’s stock worth $916,000 after purchasing an additional 5,891 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Wipro by 22.8% during the first quarter. American Century Companies Inc. now owns 199,067 shares of the information technology services provider’s stock valued at $1,535,000 after acquiring an additional 36,907 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Wipro by 4.9% during the first quarter. PNC Financial Services Group Inc. now owns 47,432 shares of the information technology services provider’s stock valued at $366,000 after acquiring an additional 2,234 shares during the last quarter. BlackRock Inc. increased its position in shares of Wipro by 3.3% during the first quarter. BlackRock Inc. now owns 16,033,590 shares of the information technology services provider’s stock valued at $123,618,000 after buying an additional 509,102 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Wipro by 17.1% during the first quarter. Dimensional Fund Advisors LP now owns 99,589 shares of the information technology services provider’s stock valued at $768,000 after buying an additional 14,576 shares during the period. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 0.9 %

Shares of NYSE:WIT opened at $5.61 on Friday. The company has a fifty day moving average of $5.98 and a 200-day moving average of $5.36. The company has a market capitalization of $29.27 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 2.51 and a beta of 0.87. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.28 and a current ratio of 2.29. Wipro has a 52-week low of $4.32 and a 52-week high of $6.45.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Friday, January 12th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). Wipro had a return on equity of 15.68% and a net margin of 12.42%. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.76 billion. On average, equities analysts predict that Wipro will post 0.25 EPS 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 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.