Analysts Set Wipro Limited (NYSE:WIT) Target Price at $5.05

Wipro Limited (NYSE:WIT) has been assigned a consensus recommendation of “Strong Sell” from the four ratings firms that are covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $5.05.

WIT has been the topic of a number of recent analyst reports. BNP Paribas began coverage on shares of Wipro in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.20 price target on the stock. TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research note on Friday, January 12th. StockNews.com downgraded Wipro from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Wedbush increased their price objective on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 16th.

Hedge Funds Weigh In On Wipro

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in shares of Wipro by 50.1% in the third quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock valued at $32,837,000 after purchasing an additional 2,265,859 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Wipro by 112.7% in the 4th quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock valued at $20,734,000 after buying an additional 1,972,425 shares in the last quarter. Toroso Investments LLC acquired a new stake in Wipro during the 3rd quarter valued at $5,591,000. Wellington Management Group LLP increased its position in Wipro by 44.0% during the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after buying an additional 570,001 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Wipro by 4.6% in the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after acquiring an additional 553,433 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Trading Up 0.4 %

NYSE:WIT opened at $5.46 on Thursday. The firm has a market cap of $28.49 billion, a P/E ratio of 21.84, a PEG ratio of 2.18 and a beta of 0.87. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. Wipro has a 12-month low of $4.48 and a 12-month high of $6.45. The stock’s 50 day simple moving average is $5.84 and its 200-day simple moving average is $5.42.

Wipro Company Profile

Wipro Limited operates as an 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.