Wipro Limited (NYSE:WIT) Receives Consensus Rating of “Hold” from Analysts

Shares of Wipro Limited (NYSE:WITGet Rating) have earned a consensus recommendation of “Hold” from the eleven ratings firms that are covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $4.79.

A number of analysts recently commented on WIT shares. The Goldman Sachs Group upgraded shares of Wipro from a “sell” rating to a “buy” rating and set a $4.87 target price on the stock in a report on Tuesday, September 13th. They noted that the move was a valuation call. Wedbush reissued an “underperform” rating on shares of Wipro in a research report on Wednesday, July 20th. Morgan Stanley downgraded shares of Wipro from an “overweight” rating to an “underweight” rating in a research report on Thursday, July 14th. Citigroup downgraded shares of Wipro from a “buy” rating to a “sell” rating in a research report on Wednesday, July 20th. Finally, TheStreet downgraded shares of Wipro from a “b-” rating to a “c+” rating in a research report on Friday, July 8th.

Wipro Stock Down 2.0 %

WIT stock opened at $4.81 on Friday. Wipro has a 52 week low of $4.81 and a 52 week high of $9.96. The company has a market capitalization of $26.30 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 2.05 and a beta of 0.83. The firm’s 50-day moving average is $5.20 and its two-hundred day moving average is $6.04. The company has a current ratio of 1.95, a quick ratio of 1.94 and a debt-to-equity ratio of 0.09.

Wipro (NYSE:WITGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The information technology services provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). Wipro had a return on equity of 17.66% and a net margin of 14.06%. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.75 billion. On average, analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Trading of Wipro

A number of institutional investors and hedge funds have recently modified their holdings of WIT. JPMorgan Chase & Co. lifted its stake in shares of Wipro by 347.8% in the first quarter. JPMorgan Chase & Co. now owns 3,830,060 shares of the information technology services provider’s stock worth $29,531,000 after buying an additional 2,974,757 shares during the last quarter. SG Americas Securities LLC raised its stake in Wipro by 243.9% during the 1st quarter. SG Americas Securities LLC now owns 3,895,772 shares of the information technology services provider’s stock valued at $30,036,000 after purchasing an additional 2,762,999 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Wipro by 29.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,657,490 shares of the information technology services provider’s stock valued at $66,749,000 after purchasing an additional 1,962,931 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Wipro during the 2nd quarter valued at $8,800,000. Finally, Jane Street Group LLC acquired a new position in Wipro during the 1st quarter valued at $10,052,000. 2.13% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

(Get Rating)

Wipro Limited operates as information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.

Further Reading

Analyst Recommendations for Wipro (NYSE:WIT)

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