Wipro (NYSE:WIT) Shares Gap Up to $6.19

Wipro Limited (NYSE:WIT) gapped up before the market opened on Thursday . The stock had previously closed at $6.19, but opened at $6.35. Wipro shares last traded at $6.35, with a volume of 305,183 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Nomura began coverage on Wipro in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $33.09 billion, a PE ratio of 24.76, a PEG ratio of 4.26 and a beta of 0.90. The business has a 50 day simple moving average of $6.20 and a 200 day simple moving average of $5.86.

Wipro (NYSE:WIT) last issued its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. Wipro had a return on equity of 15.01% and a net margin of 12.57%. During the same quarter last year, the business posted $0.06 EPS. Equities research analysts predict that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares during the last quarter. Millennium Management LLC lifted its stake in 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 valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Wipro by 3.8% during 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 purchasing an additional 84,519 shares during the last quarter. Wellington Management Group LLP grew its holdings in Wipro by 44.0% during 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. raised its holdings 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 worth $10,260,000 after purchasing an additional 1,771,854 shares during the last quarter. 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 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.