Wipro (NYSE:WIT) Sets New 52-Week High – Time to Buy?

Shares of Wipro Limited (NYSE:WIT) reached a new 52-week high on Wednesday . The company traded as high as $3.75 and last traded at $3.73, with a volume of 756099 shares trading hands. The stock had previously closed at $3.70.

Analysts Set New Price Targets

A number of equities research analysts recently commented on WIT shares. Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Thursday, December 12th. Finally, HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a 50-day moving average price of $6.46 and a 200 day moving average price of $6.25. The company has a market cap of $38.15 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. As a group, analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Wipro by 37.8% during the 3rd 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 during the last quarter. Mayflower Financial Advisors LLC acquired a new position in Wipro during the second quarter valued at approximately $64,000. Abacus Wealth Partners LLC bought a new position in Wipro in the third quarter valued at approximately $71,000. Werba Rubin Papier Wealth Management acquired a new position in shares of Wipro during the 3rd quarter worth approximately $71,000. Finally, Catalytic Wealth RIA LLC bought a new stake in shares of Wipro during the 3rd quarter worth approximately $81,000. 2.36% of the stock is currently owned by 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.