Analysts Set Wipro Limited (NYSE:WIT) Price Target at $5.30

Shares of Wipro Limited (NYSE:WIT) have received an average recommendation of “Hold” from the four brokerages that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $5.60.

Several analysts recently issued reports on the company. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Nomura assumed coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a “buy” rating for the company.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted 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 valued at $33,000 after purchasing an additional 1,858 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Wipro during the 1st quarter worth about $60,000. Intelligence Driven Advisers LLC acquired a new position in Wipro in the 4th quarter valued at about $61,000. Mayflower Financial Advisors LLC acquired a new stake in Wipro during the second quarter worth approximately $64,000. Finally, Atomi Financial Group Inc. boosted its holdings in shares of Wipro by 29.4% during the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after acquiring an additional 3,023 shares during the period. 2.36% of the stock is currently owned by institutional investors.

Wipro Trading Down 0.2 %

NYSE WIT opened at $6.18 on Wednesday. Wipro has a 52 week low of $4.48 and a 52 week high of $7.01. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. The stock’s 50 day moving average price is $6.12 and its two-hundred day moving average price is $5.84. The stock has a market capitalization of $32.29 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 4.19 and a beta of 0.90.

Wipro (NYSE:WIT) last released its earnings results on Friday, July 19th. 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 12.57% and a return on equity of 15.01%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, analysts anticipate that Wipro will post 0.27 earnings per share 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.