Wipro Limited (NYSE:WIT) Receives Average Rating of “Hold” from Brokerages

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

Several equities research analysts recently issued reports on the company. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Monday. Finally, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in WIT. State Street Corp grew its holdings in shares of Wipro by 0.8% during the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC grew its stake in shares of Wipro by 67.6% during the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Wipro by 72.2% in the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after buying an additional 1,593,619 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after acquiring an additional 867,516 shares during the last quarter. Finally, Creative Planning boosted its holdings in Wipro by 24.6% during the 3rd quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after acquiring an additional 263,925 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Trading Down 3.0 %

Shares of WIT opened at $3.54 on Tuesday. Wipro has a fifty-two week low of $2.55 and a fifty-two week high of $3.75. The business has a 50-day moving average of $5.95 and a 200 day moving average of $6.14. The firm has a market cap of $37.00 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

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