Wipro (NYSE:WIT) Sets New 1-Year High – Should You Buy?

Wipro Limited (NYSE:WIT) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.15 and last traded at $7.15, with a volume of 650 shares traded. The stock had previously closed at $6.98.

Analyst Ratings Changes

Several brokerages have recently commented on WIT. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. StockNews.com lowered shares of Wipro from a “buy” rating to a “hold” rating in a research note on Monday, November 18th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wipro has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Up 1.9 %

The firm has a market cap of $37.15 billion, a PE ratio of 25.85, a P/E/G ratio of 4.72 and a beta of 0.89. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The business has a fifty day moving average price of $6.59 and a two-hundred day moving average price of $6.17.

Wipro (NYSE:WIT) last issued its earnings results 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 company had revenue of $2.66 billion for 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%. On average, analysts anticipate that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its position in Wipro by 0.8% in the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after acquiring an additional 87,682 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Wipro by 67.6% during the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after acquiring an additional 2,267,995 shares in the last quarter. Fisher Asset Management LLC boosted its position in Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after buying an additional 867,516 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in Wipro by 292.0% in 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 acquiring an additional 1,001,644 shares during the period. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.