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

Shares of Wipro Limited (NYSE:WIT) have been given an average recommendation of “Hold” by the four ratings firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $5.60.

A number of analysts recently weighed in on the stock. Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Nomura began coverage on Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock.

Hedge Funds Weigh In On Wipro

Institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. increased its stake in shares of Wipro by 6.9% in the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock valued at $158,000 after buying an additional 1,665 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in Wipro by 13.6% in the second quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock valued at $86,000 after acquiring an additional 1,692 shares during the last quarter. GAMMA Investing LLC raised its holdings in Wipro by 47.2% during the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in Wipro by 2.7% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 78,573 shares of the information technology services provider’s stock worth $452,000 after purchasing an additional 2,101 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Wipro by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after purchasing an additional 2,104 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Stock Performance

Shares of NYSE:WIT opened at $6.47 on Friday. The business has a fifty day moving average of $6.21 and a 200-day moving average of $5.87. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. Wipro has a twelve month low of $4.48 and a twelve month high of $7.01. The firm has a market cap of $33.80 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 4.49 and a beta of 0.90.

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

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.