Wipro Limited (NYSE:WIT) Receives Consensus Recommendation of “Hold” from Brokerages

Wipro Limited (NYSE:WIT) has been assigned a consensus recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $5.60.

A number of equities research analysts have recently issued reports on the stock. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Nomura assumed coverage on Wipro in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Friday, September 27th. Finally, Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd.

Wipro Trading Up 0.5 %

Shares of WIT stock opened at $6.41 on Thursday. The business has a 50-day moving average price of $6.30 and a two-hundred day moving average price of $5.93. Wipro has a 12-month low of $4.48 and a 12-month high of $7.01. 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 firm has a market cap of $33.49 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 4.54 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, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the company posted $0.06 EPS. Equities analysts anticipate that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of hedge funds have recently modified their holdings of WIT. GAMMA Investing LLC grew its stake in shares of Wipro by 47.2% in the first 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. Oppenheimer & Co. Inc. purchased a new position in shares of Wipro during the first quarter valued at approximately $60,000. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the second quarter valued at approximately $64,000. Abacus Wealth Partners LLC bought a new position in shares of Wipro during the third quarter valued at approximately $71,000. Finally, Atomi Financial Group Inc. boosted its holdings in Wipro by 29.4% in the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock valued at $77,000 after acquiring an additional 3,023 shares in 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.