Wipro Limited (NYSE:WIT) Given Average Recommendation of “Hold” by Brokerages

Wipro Limited (NYSE:WIT) has been given a consensus recommendation of “Hold” by the six research firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $5.60.

WIT has been the subject of several analyst reports. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Thursday, December 12th. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Finally, Investec lowered Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd.

Wipro Stock Up 1.1 %

WIT stock opened at $3.65 on Tuesday. The business’s 50-day simple moving average is $6.01 and its 200 day simple moving average is $6.15. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The company has a market cap of $38.15 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. Wipro has a twelve month low of $2.55 and a twelve month high of $3.75.

Wipro (NYSE:WIT) last posted 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 business had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, research analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WIT. Bank of New York Mellon Corp boosted its holdings in Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after buying an additional 2,104 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Wipro during the 2nd quarter worth approximately $2,600,000. Wealthstream Advisors Inc. grew its holdings in Wipro by 20.5% during the second quarter. Wealthstream Advisors Inc. now owns 28,144 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 4,793 shares during the period. Banque Cantonale Vaudoise acquired a new position in Wipro during the second quarter valued at approximately $177,000. Finally, Van ECK Associates Corp increased its stake in Wipro by 38.8% in the second quarter. Van ECK Associates Corp now owns 196,752 shares of the information technology services provider’s stock valued at $1,200,000 after purchasing an additional 55,048 shares in the last quarter. 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.