Wipro (NYSE:WIT) Hits New 12-Month High – Still a Buy?

Wipro Limited (NYSE:WIT)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $7.29 and last traded at $7.27, with a volume of 8001 shares changing hands. The stock had previously closed at $7.18.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on WIT shares. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Thursday. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday. Finally, Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The business’s 50-day moving average is $6.73 and its 200 day moving average is $6.31. The firm has a market capitalization of $18.94 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 4.89 and a beta of 0.92.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The company 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%. As a group, analysts anticipate that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WIT. Frank Rimerman Advisors LLC bought a new position in shares of Wipro in the second quarter worth $531,000. Segall Bryant & Hamill LLC bought a new position in Wipro in the third quarter valued at approximately $610,000. CWM LLC raised its position in Wipro by 11.8% during the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after purchasing an additional 2,178 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Wipro in the 3rd quarter valued at $860,000. Finally, AQR Capital Management LLC increased its stake in shares of Wipro by 12.9% in the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after purchasing an additional 79,431 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

About Wipro

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.