Wipro Limited (WIT) Receives $4.77 Consensus PT from Analysts

Wipro Limited (NYSE:WIT) has earned a consensus recommendation of “Hold” from the eleven analysts that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $4.77.

WIT has been the subject of several recent analyst reports. Zacks Investment Research upgraded Wipro from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research note on Saturday, January 26th. Credit Suisse Group lowered Wipro from a “neutral” rating to an “underperform” rating and set a $5.78 price target for the company. in a research note on Tuesday, February 26th. Wedbush cut their price target on Wipro from $4.25 to $3.75 and set an “underperform” rating for the company in a research note on Thursday, March 21st. Macquarie lowered Wipro from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 16th. Finally, Nomura lowered Wipro from a “neutral” rating to a “reduce” rating in a research note on Thursday, April 18th.

Shares of WIT stock traded down $0.04 on Thursday, hitting $4.42. The company had a trading volume of 785,200 shares, compared to its average volume of 1,255,939. The stock has a market cap of $26.77 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.56 and a beta of 0.54. The company has a quick ratio of 2.77, a current ratio of 2.67 and a debt-to-equity ratio of 0.05. Wipro has a twelve month low of $3.38 and a twelve month high of $4.63.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Tuesday, April 16th. The information technology services provider reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01). Wipro had a net margin of 15.39% and a return on equity of 16.81%. The business had revenue of $150.06 billion during the quarter, compared to analysts’ expectations of $150.97 billion. During the same quarter in the prior year, the firm earned $9.08 EPS. Wipro’s revenue for the quarter was up 9.0% on a year-over-year basis. Sell-side analysts anticipate that Wipro will post 0.25 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Wipro by 214.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 315,280 shares of the information technology services provider’s stock worth $1,643,000 after buying an additional 215,109 shares in the last quarter. Virtu Financial LLC purchased a new stake in Wipro during the 4th quarter worth approximately $237,000. Cornerstone Advisors Inc. increased its stake in Wipro by 10.7% during the 4th quarter. Cornerstone Advisors Inc. now owns 24,613 shares of the information technology services provider’s stock worth $126,000 after buying an additional 2,383 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Wipro by 821.1% during the 4th quarter. Quadrant Capital Group LLC now owns 58,442 shares of the information technology services provider’s stock worth $297,000 after buying an additional 52,097 shares in the last quarter. Finally, First Command Bank acquired a new position in shares of Wipro during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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Analyst Recommendations for Wipro (NYSE:WIT)

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