Wipro (NYSE:WIT) Sets New 1-Year High – Still a Buy?

Wipro Limited (NYSE:WIT) reached a new 52-week high on Monday . The stock traded as high as $7.15 and last traded at $7.15, with a volume of 650 shares changing hands. The stock had previously closed at $6.98.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wipro currently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Trading Up 0.4 %

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 firm has a market capitalization of $37.10 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 4.72 and a beta of 0.89. The company has a 50-day moving average price of $6.61 and a 200-day moving average price of $6.19.

Wipro shares are set to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be payable to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last posted its 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 business 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%. As a group, research analysts forecast that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC raised its stake in shares of Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after purchasing an additional 1,001,644 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new position in Wipro during the 2nd quarter worth $531,000. CWM LLC lifted its stake in shares of Wipro by 11.8% in the 2nd quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock worth $126,000 after acquiring an additional 2,178 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of Wipro in the third quarter valued at about $610,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Wipro during the third quarter worth about $860,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.