Wipro Limited (NYSE:WIT) Receives $5.60 Average PT from Brokerages

Wipro Limited (NYSE:WIT) has been assigned an average rating of “Hold” from the five brokerages that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $5.60.

A number of analysts have recently issued reports on WIT shares. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th.

Hedge Funds Weigh In On Wipro

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings 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 acquiring an additional 2,426 shares during the last quarter. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro during the second quarter valued at about $64,000. Abacus Wealth Partners LLC purchased a new position in shares of Wipro during the third quarter valued at about $71,000. Werba Rubin Papier Wealth Management bought a new stake in shares of Wipro in the third quarter worth about $71,000. Finally, Catalytic Wealth RIA LLC purchased a new stake in shares of Wipro in the third quarter worth about $81,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Shares of Wipro stock opened at $6.99 on Friday. The stock has a market cap of $36.53 billion, a P/E ratio of 25.89, a P/E/G ratio of 4.73 and a beta of 0.89. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The stock’s fifty day moving average is $6.65 and its 200 day moving average is $6.23. Wipro has a one year low of $4.78 and a one year high of $7.12.

Wipro shares are set to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. Sell-side analysts anticipate that Wipro will post 0.27 earnings per share for the current 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.