Wipro Limited (NYSE:WIT) Receives Average Recommendation of “Hold” from Analysts

Wipro Limited (NYSE:WIT) has earned a consensus rating of “Hold” from the five ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, one has issued a buy rating and one has issued a strong buy rating 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.

Several brokerages have weighed in on WIT. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Wednesday.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WIT. Jane Street Group LLC boosted its position in shares of 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 worth $7,732,000 after purchasing an additional 1,001,644 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new position in Wipro in the second quarter valued at about $531,000. Segall Bryant & Hamill LLC bought a new stake in shares of Wipro in the third quarter valued at $610,000. CWM LLC grew its stake in shares of Wipro by 11.8% during 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. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Wipro during the 3rd quarter worth $860,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Price Performance

WIT opened at $7.23 on Friday. The stock has a fifty day moving average of $6.70 and a 200-day moving average of $6.26. The firm has a market capitalization of $37.75 billion, a P/E ratio of 26.76, a PEG ratio of 4.81 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 12-month low of $4.91 and a 12-month high of $7.28.

Wipro’s stock is scheduled to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be distributed to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. Equities analysts forecast that Wipro will post 0.27 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.