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

Shares of Wipro Limited (NYSE:WIT) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, one has given 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 brokerages that have covered the stock in the last year is $5.60.

Several research firms have recently commented on WIT. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Monday. Finally, Investec cut Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd.

Institutional Trading of Wipro

A number of hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after purchasing an additional 2,426 shares during the period. Mayflower Financial Advisors LLC purchased a new stake in Wipro during the second quarter worth about $64,000. Abacus Wealth Partners LLC bought a new stake in Wipro in the third quarter worth about $71,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro in the third quarter valued at about $71,000. Finally, Catalytic Wealth RIA LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $81,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Trading Down 3.0 %

NYSE:WIT opened at $3.54 on Tuesday. The firm has a fifty day simple moving average of $5.95 and a two-hundred day simple moving average of $6.14. Wipro has a 12 month low of $2.55 and a 12 month high of $3.75. The stock has a market capitalization of $37.00 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 4.92 and a beta of 0.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The business 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%. Analysts expect that Wipro will post 0.14 EPS 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 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.