Wipro Limited (NYSE:WIT) Given Consensus Recommendation of “Hold” by Analysts

Shares of Wipro Limited (NYSE:WITGet Rating) have been given an average rating of “Hold” by the eleven analysts that are currently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $4.79.

WIT has been the subject of several analyst reports. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. The Goldman Sachs Group upgraded shares of Wipro from a “sell” rating to a “buy” rating and set a $4.87 price target for the company in a research report on Tuesday, September 13th. They noted that the move was a valuation call. Citigroup lowered shares of Wipro from a “buy” rating to a “sell” rating in a research report on Wednesday, July 20th. Macquarie upgraded shares of Wipro from a “neutral” rating to an “outperform” rating in a research report on Wednesday, June 1st. Finally, Jefferies Financial Group lowered shares of Wipro from a “hold” rating to an “underperform” rating and reduced their price target for the company from $7.30 to $4.70 in a research report on Friday, July 8th.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WIT. JPMorgan Chase & Co. boosted its position in Wipro by 347.8% during 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 purchasing an additional 2,974,757 shares during the period. SG Americas Securities LLC boosted its position in shares of Wipro by 243.9% in the first 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 acquiring an additional 2,762,999 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Wipro by 29.3% in the first 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 acquiring an additional 1,962,931 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Wipro in the second quarter valued at approximately $8,800,000. Finally, Jane Street Group LLC bought a new position in shares of Wipro in the first quarter valued at approximately $10,052,000. Institutional investors own 2.13% of the company’s stock.

Wipro Stock Performance

Shares of WIT stock opened at $4.81 on Friday. The firm has a 50-day moving average of $5.20 and a 200-day moving average of $6.04. The company has a market cap of $26.30 billion, a P/E ratio of 17.82, a P/E/G ratio of 2.05 and a beta of 0.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.95 and a quick ratio of 1.94. Wipro has a one year low of $4.81 and a one year high of $9.96.

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

Wipro Company Profile

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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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