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

Wipro Limited (NYSE:WIT) has been given an average rating of “Hold” by the six research firms that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $5.60.

WIT has been the topic of several research analyst reports. Investec lowered shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Thursday, December 12th. Finally, HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th.

Wipro Price Performance

NYSE WIT opened at $3.65 on Tuesday. The firm’s 50 day moving average is $6.01 and its 200-day moving average is $6.15. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 12-month low of $2.55 and a 12-month high of $3.75. The company has a market capitalization of $38.15 billion, a PE 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 data on Thursday, October 17th. The information technology services provider reported $0.07 EPS 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 company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Equities research analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently bought and sold shares of the company. Glenmede Trust Co. NA raised its stake in Wipro by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after acquiring an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after buying an additional 2,104 shares in the last quarter. BSW Wealth Partners lifted its stake in shares of Wipro by 2.8% in the 3rd quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider’s stock valued at $573,000 after acquiring an additional 2,418 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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 valued at $57,000 after acquiring an additional 2,426 shares in the last quarter. Finally, Xponance Inc. increased its stake in shares of Wipro by 21.7% in the second quarter. Xponance Inc. now owns 15,866 shares of the information technology services provider’s stock valued at $97,000 after buying an additional 2,832 shares during the period. 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.