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

Wipro Limited (NYSE:WIT) has earned a consensus recommendation of “Hold” from the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $5.60.

WIT has been the topic of several recent analyst reports. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. StockNews.com downgraded Wipro from a “buy” rating to a “hold” rating in a research report on Tuesday.

Wipro Stock Performance

NYSE WIT opened at $7.03 on Friday. 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 company has a market capitalization of $36.73 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 4.80 and a beta of 0.89. Wipro has a 52-week low of $4.68 and a 52-week high of $7.12. The company has a 50-day simple moving average of $6.63 and a 200 day simple moving average of $6.20.

Wipro’s stock is going to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be issued to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. On average, research analysts predict that Wipro will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Wipro

Large investors have recently made changes to their positions in the business. Jane Street Group LLC boosted its position in Wipro by 292.0% during the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after acquiring an additional 1,001,644 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Wipro in the second quarter worth approximately $531,000. Segall Bryant & Hamill LLC purchased a new stake in Wipro during the 3rd quarter valued at $610,000. CWM LLC increased its holdings in 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 buying an additional 2,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Wipro during the third quarter valued at approximately $860,000. 2.36% of the stock is currently owned by institutional investors.

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.